- 13% of sailings have been cancelled between mid-September and mid-October 2024.
- Ocean freight rates continue to decline, with the biggest drops on Asia-Europe and Transpacific routes.
- New alliances will reshape the shipping industry starting in 2025.
This week’s Cancelled Sailings Tracker highlights the number of blank sailings across major East-West trade routes and provides insights into market trends. The report covers cancellations, freight rate changes, and recent developments among shipping alliances, reports Drewry.
Snapshot of Cancelled Sailings
Between September 16 and October 20, 2024, 90 sailings were cancelled out of 692 scheduled sailings, resulting in a 13% cancellation rate. The majority (67%) of these cancellations occurred on the Transpacific Eastbound route, followed by 21% on Asia-North Europe/Med and 12% on the Transatlantic Westbound route.
Breakdown by Alliance
Over the next five weeks, OCEAN Alliance announced 24 cancellations, followed by THE Alliance and 2M with 16 cancellations each. Non-Alliance services also contributed with 34 blank sailings during this period.
Despite the number of blank sailings, 87% of ships are expected to sail as scheduled in the coming weeks, signaling a slight decline in overall schedule reliability.
Falling Freight Rates
Ocean freight rates on key East-West trade lanes have continued to drop. As of September 12, 2024, Drewry’s WCI Composite Index fell 13% week-on-week to $4,168 per 40ft container.
Asia-North Europe/Med routes saw a 14% decline, Transpacific routes dropped by 15%, and Transatlantic routes fell by 9%.
Upcoming Changes in Alliances:
In February 2025, THE Alliance members (HMM, ONE, and Yang Ming) will rebrand under the new Premier Alliance for a five-year partnership.
Additionally, MSC has entered a slot-exchange agreement with Premier on the Asia-Europe route and signed a vessel-sharing deal with ZIM for the Transpacific trade.
Industry Restructuring in 2025
The shipping industry is expected to be dominated by two major networks (MSC and partners, OCEAN) and two smaller ones (Premier and Gemini), starting in 2025.
These larger alliances will likely operate 30% more weekly loops than their smaller counterparts, indicating a shift in market dynamics.
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Source: Drewry
