- Freight Rate Decline Continues: WCI Composite Index Falls 4% in Late October.
- OCEAN, THE, and 2M Announce Reductions for Coming Weeks.
- Transatlantic Freight Rates Surge 28% Amid Broader Rate Declines Across Key Routes.
Our weekly Cancelled Sailings Tracker updates with an overview of blanket sailings announced by the alliances compared with total scheduled sailings on major trade lanes as well as announcements published on alliance Websites. Get deep insights into yearly Container Capacity Weekly Insight. Subscribe today and find detailed comparisons as well as US waiting times for major ports combined year-over-year comparison on US ports, year and quarter, reports Drewry.
Weekly Analysis of Major East-West Headhaul Trades
For the week of 44 (21 Oct–27 Oct) through week 48 (18 Nov–24 Nov), a total of 64 cancellations have been noted from 693 scheduled sailings in the Transpacific, Transatlantic, and Asia-North Europe & Mediterranean trades. That is a 9% cancellation rate. Some of the key statistics are as follows:
- Transpacific Eastbound: 61% blank sailings
- Asia-North Europe & Mediterranean: 27% blank sailings
- Transatlantic Westbound: 12% blank sailings
Alliance-Specific Cancellations
Following are the announcements of cancellations for the next five weeks.
- OCEAN Alliance: 16
- The Alliance: 15
- 2M Alliance: 11
- Non-Alliance Services: 22
General schedule reliability increases modestly to 91% expected to sail in accordance over the next five weeks
Trends in Freight Rates
Container freight rates have, in the last three months seen trending down, reaching the level of 47 percent less than July 2024. According to Drewry, its World Container Index Composite Index, as of 24 October, is down by 4% week on week for a level of $3,095 per 40-feet equivalent unit. Rate highlights include the following: Transpacific Route Rates decreased by 4 per cent, Asia North Europe /Med route rates fell by 6 per cent, and transatlantic rates upsurged 28 per cent.
Demand and Port Congestion
US and European ports continue to experience congestion, although with some slight improvement in berthing wait times. However, there are still delays on some vessels in Chinese ports. An increase in demand is expected to be seen as the Lunar New Year approaches, particularly for European shippers, who may rush orders due to the longer transit time through the Cape of Good Hope.
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Source: Drewry
