Across the major East-West headhaul trades: Transpacific, Transatlantic and Asia-North Europe & Med, 101 cancelled sailings have been announced between week 06 (12 Feb-18 Feb) and week 10 (4 Mar-10 Mar), out of a total of 650 scheduled sailings, representing 16% cancellation rate.
During this period, 59% of the blank sailings will occur on the Transpacific Eastbound, 33% on the Asia-North Europe and Med, and 8% on Transatlantic Westbound trade.
Over the next five weeks, OCEAN Alliance have announced 37 cancellations, followed by THE Alliance and 2M with 25 and 19 cancellations, respectively. During the same period, 21 blank sailings have been implemented by non-Alliance services.
As can be seen above, projections are for 84% of ships to adhere to schedules in the next five weeks. This is a rapidly evolving picture, however, given the congoing security situation in the Red Sea.
On the ocean freight side, Drewry’s World Container Index fell by 4% WoW to $3,824 per 40ft dry container. This marks the first decline since the beginning of December. Nevertheless, the Index is up 88% on the same week last year, highlighting the impact of the Red Sea crisis.
Although spot rates for container shipments appear to have reached a peak ahead of the Chinese New Year (CNY), disruptions stemming from the Red Sea crisis persist. Not only have the resulting Cape diversions contributed to escalating of freight rates and prolonged transit times they have also caused considerable disruption to vessel schedules, leading to a notable increases in fuel consumption and carbon emissions from the much longer transit time around the Cape of Good Hope.
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Source : Drewry
