GLOBAL DEMAND
According to CTS, Global demand measured in TEU declined -6.7% in December and -9.9% in January on a year-on-year basis. Global demand decline for the entire 2022 set at -3.9%
PORT CONGESTION
On week 11/2023 global port congestion set at 1.53M teus = 7.1% of the entire fleet. Trend is down. At its highest, the capacity absorbed by congestion was over 3.3M teus.
SCHEDULE RELIABILITY
While schedule reliability continued to increase for much of 2022, in January 2023 there has been an M/M decline of -3.8 percentage points to 52.6%. Despite that decrease, schedule reliability in January 2023 was considerably higher than in
January of the previous two years, with a Y/Y increase of 22.2 percentage points.
CAPACITY
On TPEB, TAWB and Asia-North Europe & Med, 56 canceled sailings have been announced between weeks 11 and week15, out of a total of 675 scheduled sailings, = 8% cancellation rate. During this period, 57% of the blank sailings will be occurring in the TPEB, 34% in Asia-North Europe and Med, and 9% on the TAWB.
RATES LEVELS
The Drewry index has decreased by 3% on week 11 at $1,806 and has dropped by 80% compared with the same week last year. It is now 83% below the peak of $10,377 reached in September 2021.
BUNKER/ENVIRONMENT
Fuel prices have been quite stable for the past 4 weeks. The
market is still in a downtrend. Differential between IFO380 and
VLSFO still reducing. The gap between LNG and MGO fuel narrowing down, too.