10th September 2019
2M ALLIANCE partners Maersk and MSC are suspending their AE2/Swan Asia-North Europe loop from October until mid-November, removing up to 20,000 TEU a week in the face of falling demand, reports London's Loadstar.
Weakening demand and plummeting freight rates have so far obliged Asia-North Europe carriers to cancel two-thirds more sailings than during the same period of last year.
Another reason is the annual October 1 - 7 factory Golden Week shutdown that prompted Maersk to cancel its AE7 (MSC's Condor) head-haul leg in week 41, removing another 17,000 TEU.
This year, according to Alphaliner, a total of 42 Asia-North Europe head-haul sailings were cancelled in the first three quarters, compared with just 16 in the first nine months of 2018.
2M partners have not voided any sailings before this in 2019, despite a slow peak season and Shanghai Containerised Freight Index spot rates down 19 per cent to $757 per TEU year on year, and 24 per cent below the level set in early January. CMA CGM hikes Asia-Red Sea rate US$300/TEU from September 15FRENCH shipping giant CMA CGM has announced a rate increase of US$300 per TEU from all of Asia to Red Sea ports on September 15.Called a Rate Restoration, the freight all kinds (FAK) increase will apply from the bill of lading date to dry, OOG, breakbulk and reefer cargo.