Nearly 100 sailings have been canceled as major stoppages and port hopping hit the region

Affected by the Houthi armed attacks on merchant ships, the main shipping companies have to avoid the Red Sea to choose to bypass the Cape of Good Hope in Africa, although the bypass greatly increases the cost of sailing, but avoided the canal tolls and high insurance costs, so with the cost of shipping routes through the canal price difference is gradually narrowed, the shipping market by the impact of the situation in the Red Sea has also been gradually digested.

The soaring market freight rates of the European route also began to fall back!

Although the market freight rate of the European route began to fall back, but the shipping company ships are still tight, the major shipping companies in order to cope with the lack of ships in the market, choose to retain capacity in the traditional shipping off-season.

According to Drewry’s latest data: in the trans-Pacific, trans-Atlantic and Asia-Nordic and Mediterranean routes, of the 650 scheduled sailings, 99 sailings were announced to be canceled during the 5th week (Feb. 4-Feb. 11) to 9th week (Feb. 26-March 3), a voyage cancellation rate of up to 15%.

Of the canceled sailings, 56% of the blank sailings would have occurred on the eastbound trans-Pacific route, 34% on the Asia-Europe Mediterranean route and 10% on the westbound trans-Atlantic route.