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Three major alliances canceled 54 sailings! The blank sailing on the trans-Pacific route was up to 58%!


Drewry's latest composite world container index fell 1.2% to 7,945.31 yuan per 40 ft. Still 62% higher than a year earlier. The WCI average composite index assessed by Drewry so far this year is $9,038 per 40 ft, $5,805 above the five-year average of $3,232 per 40 ft.


Drewry index shows the freight rates fall for seventh straight week since February 24, 2022


* Rates from Shanghai to Rotterdam fell 2% or $268 to $10,577/FEU.


* Rates from Shanghai to Genoa fell by 1% or $138 to $12,904/FEU.


* Rates of Shanghai-Los Angeles and Shanghai-New York remained basically unchanged from the previous period, reaching US$8,782/FEU and US$11,353/FEU respectively.


Drewry expects spot rates to remain stable in the coming weeks.




The latest Baltic Container Freight Index (FBX) in this issue, the data shows:


* The latest Asia to West America index edged down 0.3% to $15,764/FEU, the latest five-week decline since hitting a high of $16,353 on March 11.


* The latest index from Asia to East America is basically the same as the previous period, maintaining $17,150/FEU, which is also a state of decline since reaching a high of $18,450 on March 11.


* The latest Asia to Nordic index fell 1% to $11,882/FEU, marking a 12-week losing streak since hitting a high of $14,999 on Jan. 28.


* The latest Asia-Mediterranean index fell 1% to $12,592/FEU, the 13th straight week of declines since peaking in January.



Asia to North America Shipping Market Dynamics:


With the continued lockdown in Shanghai, suppliers and importers are facing increasing uncertainty. Ocean carriers continue to assess the impact on bookings, with Chinese export cargo activity dwindling due to the current situation, with many turning to Southeast Asia for shipments. With the traditional peak season approaching, many importers and retailers are still desperate to replenish their inventories. Old problems that have not been alleviated include severe congestion, equipment imbalances, delayed freighter voyages, port hopping, empty flights and higher fuel surcharges. The level of sea freight is still at a high level compared with the market before the epidemic, and the prices of a few market segments have dropped. The priority shipping market remains strong.




Asia to Europe Shipping Market Dynamics:


Shanghai is still under lockdown, and some areas may be lifted in the near future. Cases have also emerged in other cities in eastern and northern China. Factory production, warehouse and trucking service supply are affected, although port terminals and trucking remain fully operational. All shipping alliances are available in all ocean freight rates and spot freight spaces, but carriers are still restricting long-term large customer transactions. In response to recent changes in the situation, it is expected that carriers may announce port jump and air travel measures. Ocean freight rates are still high, but due to the market slowdown, prices generally show a downward trend after March and the beginning of April.


However, it is worth noting that the freight rate of Southeast Asia routes has skyrocketed recently.



According to THE latest data released by Drury recently, in THE next 5 weeks (16-20 weeks), THE three major shipping alliances in THE world have cancelled a number of sailings, among which THE alliance cancelled THE most sailings with 25 sailings.  2M alliance reached 17 sailings;  The fewest sea Alliance cancels 12 sailings;  Total 54 sailings.


Drewry advised the ongoing epidemic control has put pressure on the already stretched supply chain, and shipping lines such as Maersk and CMA CGM have begun to omit Shanghai on some routes.


In addition, port congestion has increased again at high-throughput ports, especially in the United States, where imports have shifted from the U.S. West Coast to the U.S. East Coast. Many shippers are now focusing on Gulf routes and transferring cargo to the Port of Houston. Planning for cargo owners during times of market uncertainty becomes more challenging as port productivity levels continue to change.





Out of a total of 725 scheduled sailings on major routes such as the transpacific, transatlantic, Asia-Nordic and Asia-Mediterranean, 72 sailings were cancelled between week 16 and week 20 next year, a cancellation rate of 10%. During this period, blank sailing on the trans-Pacific eastbound trade lanes was up to 58%, primarily to the U.S. West Coast, according to Drewry's current data.