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Following nine weeks of consecutive declines in spot freight rates on the transpacific, carriers are finally beginning to pull capacity from the trade.
MSC announced on March 26 six transpacific sailings to be blanked, starting with next week’s sailing on the Chinook service that links the Far East with Prince Rupert, Vancouver and Seattle/Tacoma, operated with eight vessels averaging 13,000 TEU, and includes Zim-chartered slots.
In week 17, it will blank two sailings out of Asia to the U.S. west coast, the Pearl and Orient strings, and two Asia-U.S. east coast services, the America and Lone Star strings.
In week 18, it will blank the sailing from Asia of the Asia-U.S. east coast Empire service, which also has Zim chartering slots.
The transpacific spot rate on Drewry’s World Container Index’s (WCI) has been on the downward trend since a January 9 high of $5,476 per 40ft. The current reading is $2,487, which means it has more than halved in two months.
It also appears that volumes have weakened considerably in recent weeks, according to liner analyst John McCown.
Read more in an article from The Loadstar.
