Drewry reported this weekly Cancelled Sailings Tracker provides a snapshot of blank sailings announced by each Alliance versus the total number of scheduled sailings.
Weekly analysis: 15 November 2024
In the key East-West trade lanes—Transpacific, Transatlantic, and Asia-North Europe & Med—48 sailings have been canceled between weeks 47 (18 Nov-24 Nov) and 51 (16 Dec -22 Dec), out of a total of 693 scheduled sailings, representing a 7% cancellation rate.
Majority of these cancellations
The majority of these cancellations will occur on the Transpacific Eastbound (60%), followed by the Transatlantic Westbound (21%) and Asia-North Europe & Med (19%). Over the next five weeks, THE Alliance is set to cancel 9 sailings, while OCEAN Alliance and 2M will each cancel 7 and 5 sailings, respectively. In addition, non-Alliance services have announced 27 blank sailings during this period
Impact remains
Despite the cancellations, the overall impact remains limited, with 93% of sailings expected to proceed as planned over the coming five weeks, as shown in the chart above.
Detailed assessment for Thursday, 14 November 2024
On 14 November,The Drewry WCI composite index remained stable at $3,440 per feu, which is 67% below the previous pandemic peak of $10,377 in September 2021 but 142% more than the average $1,420 in 2019 (pre-pandemic).
The average YTD composite index is $3,992 per feu, which is $1,147 higher than the 10-year average of $2,845 (inflated by the exceptional 2020-22 Covid period).
Freight rates
Freight rates from Shanghai to Rotterdam increased 2% or $89 to $4,043 per feu and those from Rotterdam to New York inched up 1% or $34 to $2,658 per feu. On the other hand, rates from Shanghai to Los Angeles decreased 2% or $106 to $4,700 per feu while those from Rotterdam to Shanghai fell 1% or $3 to $521 per feu.
Meanwhile, rates from Shanghai to Genoa, Los Angeles to Shanghai, Shanghai to New York, and New York to Rotterdam remained stable. Drewry expects spot rates on the Asia to Europe trade route to increase next week as carriers have announced GRIs starting mid-Novembe
Spot freight rates by major route
Our assessment across eight major East-West trades:
Intra-Asia Container Index – 15 Nov
Drewry’s new Intra-Asia Container Index (IACI), a weighted average of regional spot container freight rates, increased 45% to $829 per 40ft container in the past fortnight.
Intra-Asia Container Index assessment for Friday, 15 November 2024
- Drewry’s Intra-Asia Container Index (IACI) climbed 45% in the first two weeks of November, from $573 per 40ft container in the period 16-30 October to $829 in the period 1-15 November, amid the pre-Christmas cargo rush. Drewry expects this uptrend to continue in the next fortnight of November due to tight space, traditional shipping peak season, blank sailings and other factor
https://www.drewry.co.uk/logistics-executive-briefing/logistics-executive-briefing-articles/intra-asia-container-index-detailed-assessment
Global trade disruptions
On the other hand report dedicated that Global trade disruptions are worsening due to political and labour challenges in the US and Canada. While labour tensions at Canadian ports are expected to ease after the government’s intervention on 12 November, unrest continues on USEC and USGC ports over automation issues. A tentative deal was made in October, but key issues must be resolved by 15 January, 2025.
Trump’s proposed tariffs
Meanwhile, President Trump’s proposed tariffs on Chinese goods have led US importers to rush shipments, driving up demand. These factors- tariffs, labour disputes, and port congestion- could result in significant delays, higher shipping costs, and potential shortages across North America.
Ocean spot market freight rates against 790 global port pairs
If you need spot market container freight rate information on other routes to those above, find out more about our Container Freight Rate Insight (CFRI) online service, which covers over 790 global port pairs (updated monthly).
Read more :
Drewry :World Container Index – 07 Nov
