SIMIC

This equates to an 8.1 per cent year-on-year contraction in global demand in 2020 year to date.

Carriers announced another 521,000 TEU of blank sailings, which is a 15 per cent increase over the announcements made the week prior, according to Sea Intelligence Consulting.

The six-week plateau that reached for Q2 has now see an drastic upwards change, with the total pandemic-induced blanked capacity nearing four million TEU, which is three 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 the transpacific and 24 on the Asia-Europe run.

Both 2M and Ocean Alliance have only announced a two per cent 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.