As we approach the second quarter of the year, it's clear that the shipping industry is facing some significant challenges. Global reliability dropped 3% from December 2022 to January 2023, and carriers are blanking sailings to compensate for falling demand.
Join our upcoming State of the Ocean Freight Market webinar on March 21 to gain valuable insights and actionable strategies from Xeneta analysts as they discuss why shippers need to optimize their supplier strategy despite having the upper hand in freight rate negotiations.
Bonus: If you missed TPM23, tune in to hear the key takeaways from the biggest supply chain event of the year.
LIVE on March 21, 2023 | 16:00 CET / 10:00 AM EST
Note: Xeneta customers are invited to join the upcoming exclusive customer session. To learn more, please visit your 'Xeneta Customer Hub.'
Market Developments So far...
With continued blanked sailings, total idle capacity has reached 800k TEU, and Xeneta experts expect it to increase to 1M TEU in Q2. This clearly indicates overcapacity and weak demand, which has made capacity management a critical issue for businesses of all sizes.
Intra-Asia trade has seen a 9.8% drop in volumes in January YoY. This is significant market development as this trade typically stays strong despite weak global demand.
Lower consumer demand and an increased number of blanked sailings are affecting global reliability as well. Only 52% of ships arrived on time in January, slightly down from the 56% achieved in late 2022.
The average delay for ships arriving late remains stubbornly elevated, which is still above five days. Experts suggest there is still room for improvement compared to normal market conditions.
Join us for our monthly flagship webinar, where Xeneta experts will dive into pressing current events, analyze the state of the ocean freight market, and review container rate movements on the main trade corridors.
Key Webinar Takeaways:
- TPM recap- what we learned and the role it played in contract negotiations
- Carrier capacity management and reliability
- How inflation is impacting the retail industry
- Spot & long-term freight rates on top trade lanes
Sign Up Now to Change the Way You Buy & Sell Ocean Freight!
Note: Xeneta customers are invited to join the upcoming exclusive customer session. To learn more, please visit your 'Xeneta Customer Hub.'
If you can't attend the live webinar, don't worry. Simply sign up, and we'll send you the recording after the webinar is completed.
