Ocean freight rates and vessel capacity in the trans-Pacific are sinking amid a widening cargo drought during what is typically a peak shipping season for US importers ahead of China’s Golden Week holiday in early October. The downward spiral in import demand looks set to continue until shippers start ramping up orders again ahead of the Chinese New Year in February.
Almost every ocean carrier filed a general rate increase (GRI) of $1,000 per FEU effective at the start of September for eastbound trans-Pacific spot freight, according to Sea-Intelligence Maritime Analysis. Hapag-Lloyd was the only exception, having filed for a $600 peak season surcharge (PSS)…..
“As we approach October’s Golden Week holidays, container volumes are weakening and load factors are falling despite a higher number of blank sailings,” investment firm Jefferies said in a Sept. 10 report. “The number of actual sailings over the next five weeks, after taking into account the cancelations, is the lowest since February.”
Details please refer to JOC news.
Source:
Angell, M. (2023, September 14). “Golden Week” surge turns to bust as Trans-Pacific rates fall, Blank Sailings Rise. Journal of Commerce. https://www.joc.com/article/golden-week-surge-turns-bust-trans-pacific-rates-fall-blank-sailings-rise_20230914.html