Drewry’s weekly analysis for 12 July 2024 tracks cancellations across major East-West headhaul trades: Transpacific, Transatlantic, and Asia-North Europe & Med. A total of 58 sailings have been cancelled between week 29 (15 Jul-21 Jul) and week 33 (12 Aug-18 Aug) out of 706 scheduled sailings, resulting in an 8% cancellation rate.
Breakdown of Cancellations
- Transpacific Eastbound: 50% of blank sailings
- Asia-North Europe & Med: 31% of blank sailings
- Transatlantic Westbound: 19% of blank sailings
Alliance Announcements
- OCEAN Alliance: 21 cancellations
- THE Alliance: 12 cancellations
- 2M: 7 cancellations
- Non-Alliance Services: 18 cancellations
Service Reliability
Despite these cancellations, the average service reliability remains relatively high, with 92% of ships expected to sail as scheduled over the next five weeks.
Disruptions in the Container Shipping Market
Severe weather has exacerbated disruptions:
- Hurricane Beryl: Shut down key Gulf Coast ports, including Houston.
- Cape of Good Hope: Bad weather affected container traffic in Africa.
- Potential Port Strikes: In North America and Germany, adding further strain on supply chains.
These factors are contributing to global port congestion and delays, leading to widespread late arrivals, potential clustering of vessels at ports, and extended transit times.
Ocean Freight Rates
Drewry’s WCI Composite Index saw a 1% week-on-week increase to $5,901. The rate changes are as follows:
- Transpacific Rates: Increased by 2% WoW
- Asia-Europe and Med Rates: Unchanged
- Transatlantic Rates: Fell by 1% WoW
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Source: Drewry
