Container Trade Statistics have shown demand has lost 2.4 million TEU in April 2020, and a demand loss of 4.4 million TEU in 2020-YTD. This equates to an 8.1% Y/Y contraction in global demand in 2020-YTD.
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Carriers announced another 521,000 TEU of blank sailings, which is a 15% increase over the announcements made the week prior, says Sea Intelligence Consulting.
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The six-week plateau that reached for Q2 has now see an drastic upwards change, with the total pandemic-induced blanked capacity nearing 4.0 million TEU, which is 3 times as much as the capacity reduced for Chinese New Year in 2020. Compared to the market status two weeks ago, there have been an additional 20 blank sailing announcements on Transpacific, and 24 on Asia-Europe.
Both 2M and Ocean Alliance have only announced a 2% capacity reduction on Asia-North America West Coast, while Ocean Alliance are yet to announce any blank sailings on the other major East/West trades. It is likely that they are following the trend seen so far, where they are typically the last of the three alliances to announce blank sailings.