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GLOBAL DEMAND

Global demand measured in TEU declined by -5% in February on a y/y basis. Some of the most important head-haul trades show a much more significant drop in demand

PORT CONGESTION

On week 16/2023, global port congestion was set at 1.73M TEU = 6.5% of the entire fleet. Port labor tensions remain high, with the Los Angeles/Long Beach terminals shutting down for two shifts before Easter, adding to the market uncertainty.

SCHEDULE RELIABILITY

Global schedule reliability recorded a relatively sharp increase of 7.7% m/m in February 2023 and reached 60.2%, bringing it very close to the 2020 figure for the same month. On a y/y level, schedule reliability was a staggering 26% higher.

CAPACITY

On TPEB, TAWB and Asia-North Europe & Med, 51 canceled sailings were announced between weeks 15 and 19, out of a total of 675 scheduled sailings, = 8% cancellation rate. During this period, 51% of the blank sailings occurred in the TPEB, 45% in Asia-North Europe and Med, and 4% in the TAWB

RATES LEVELS

The Drewry index has been relatively stable for the past couple of weeks. In the meanwhile, carriers have announced GRIs on several trades. The SCFI has started to reflect this trend, rising by 3.6% last week for its most substantial weekly gain since May 2022.

BUNKER/ENVIRONMENT

The price of ship fuel is now down to around half the post-Ukraineinvasion peak. Moreover, secondquarter fuel surcharges for containerized cargo shippers promise more savings ahead.

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