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Global shipping is in crisis! Voyages reduced by 15% after Spring Festival
Jan 29,2024
After the Lunar New Year will usher in the traditional shipping off-season, freight rates fell is a normal phenomenon. However, the decline in freight rates was smaller than in previous years due to a shortage of ships due to the Red Sea crisis. In spite of this, ships are still tight, and major shipping companies still retain capacity in the off-season in order to cope with the shortage of ships in the market. According to statistics, 99 of the 650 scheduled voyages were canceled in the five weeks from February 26 to March 3, with a cancellation rate of 15%.
According to the statistics of de Luli, an international shipping professional organization, voyage cancellations have occurred on all major routes around the world, including trans Pacific, trans Atlantic, Asia to Northern Europe and the Mediterranean. Between week 5 and week 9, 99 out of 650 scheduled voyages were canceled, a cancellation rate of 15%.
During this period, 56% of the blank voyages will occur on the trans-Pacific eastbound route, 34% on the Asia-Northern Europe and Mediterranean route, and 10% on the trans-Atlantic westbound route.
Over the next five weeks, Ocean Alliance announced the cancellation of 33 voyages, followed by THE and 2M Alliance with 22 each. At the same time, non-alliance services implemented 22 blank flights.
According to statistics, 85% of the ships are expected to sail as scheduled in the next five weeks. However, the Red Sea crisis remains the biggest challenge to global flight movements. The problem of empty ships will also evolve rapidly with market changes.
Before the Lunar New Year, shipping companies adopted a series of adjustment measures, including shortening voyages and speeding up voyages, to alleviate the disruption caused by the diversion of the Red Sea. With the gradual easing of demand after the Lunar New Year and the commissioning of new ships, additional capacity has been added, and maritime disruptions and rising costs may have peaked.
However, the shortage of empty containers in Asian export hubs has created new challenges, prompting carriers to potentially add ships to ease the shortage.
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