Shipping lines raised freight rates along with blanked sailings in the third quarter

"As we start week 25 (this week), a little more than 4m teu of capacity has been blanked, equivalent to 3.2 times the 2020 Chinese New Year blank sailings", said Alan Murphy - CEO of Sea-Intelligence.

Murphy noted that carriers announced "only" 53,500 TEUs of blanked sailings in week 24, with the total number of blanked sailings surpassing the 4 million TEU mark.

So far, the Ocean Alliance has announced a cut in freight capacity of 1% -4% on the Asia-Europe route compared to 20% -25% of the 2M Alliance and THE Alliance; In addition, the Ocean Alliance also announced a reduction of 2% -5% on the trans-Pacific route compared with 3% -10% of the 2M Alliance and from 9% -15% of THE Alliance.

"The freight rates are also strengthening further on the transpacific and Asia-Europe trades, with Asia-US West Coast increasing by 102% and Asia-US East Coast by 22% following the post-Chinese New Year bottoming out" Mr. Murphy said.

"Freight rates on Asia-Europe have also increased following the post-Chinese New Year decline, in line with Asia-US East Coast, with Asia-North Europe increasing by 21% and Asia-Mediterranean by 13%,"he added.

Phaata (Source: Seatrade Maritime News)

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