Ocean carriers cancel 50 voyages from Chinese ports as US import demand continues to fall
According to container shipping analysts, as US import demand continues to fall, ocean carriers have canceled nearly 50 voyages scheduled to depart from Chinese ports between now and the end of April. Trans-Pacific capacity of up to 443,000 TEU will be blanked, implying lower year-over-year volumes at US ports at least through the beginning of summer. In February, US imports from China fell 37% year on year to 640,846 TEU, while trans-Pacific freight rates fell to a two-year low. Longshore labor shifts are being reduced at US West Coast marine terminals in anticipation of further volume declines.
Source of information – Journal of Commerce
Some reports are also suggesting that fleet capacity is expected to increase 9% in 2023 which means carriers will have to do blank sailings more aggressively to avert further collapse in freight rates
The blanked sailings appear barely able to keep ahead of increases to fleet size expected this year