Has the international shipping route been basically cancelled in early October this year

Vespucci Maritime CEO Jars Jensen predicts that due to the one week National Day holiday starting on October 1st, which will lead to a decrease in Chinese exports, a wave of blank sailing may be announced in October.

So far, poor capacity constraints have prevented freight rates from soaring during the usual peak season in the third quarter.

Jensen wrote in the monthly report on the container shipping market on the Baltic Exchange: "Due to the current weakness in Asian export trade, people are concerned about the development of China in October after the Golden Week, when demand will gradually decrease." At present, shipping companies have basically not announced the cancellation of flights in early October. This is not the actual situation. Shippers should closely monitor their carriers and begin preparing to announce large-scale blank voyages in October in the coming weeks

In July and the first half of August, due to the general tariff hikes implemented by liner operators, spot freight rates for transpacific shipping continued to rise, and this trend also began to affect major Eurasian shipping since early August. According to basic data, Jensen observed that this seems to be due to shipping companies increasing restrictions on routes in order to better match capacity and demand.

However, by the end of August, this trend began to reverse, and the spot exchange rate levels of these key transactions fell again.

Jason added, "This is a worrying sign as we are currently in the peak season of these two transactions. Therefore, it indicates that potential peak demand is still weak, and shipping companies are clearly unwilling to withdraw more capacity from the market to support rate levels

Jason explained in detail that although the rate has dropped to the low level before the COVID-19 epidemic, the loss of liner operators is now greater than that at that time, because they are now struggling to cope with higher costs.

He said, "In recent years, inflation has increased significantly, and in addition, shipping companies have had to implement the IMO 2020 rules, which means shifting to more expensive low sulfur fuels

The shrinking demand for freight has made the situation more complex. In June, container trade statistics showed that freight volume has been below the level of 2019 for five consecutive months.

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