Following the example of MSC and Maersk, Hapag-Lloyd has also announced capacity adjustments to its network.
The German carrier cites forecasted reductions in demand as reasons for the cuts, especially the upcoming Golden Week Holidays in China, which fall into the first week of October.
Twelve sailings from the Far East are cancelled in weeks 39 to 43, seven of which are to North Europe and five to the Mediterranean.
Most of these sailings concern voyages of THE Alliance, but Hapag-Lloyd also confirmed a voided sailing in week 39 from Qingdao on its 'FE9' loop. Hapag-Lloyd offers this connection through a slot charter on the OCEAN Alliance's fifth Asia-North Europe loop, operated by CMA CGM as 'FAL3'.
Spot ocean freight rates from Shanghai to North Europe took another 7% hit last week, according to the Shanghai Containerized Freight Index (SCFI). Rates were down to USD 1,428/feu. Shanghai to West Med rates maintained a notably higher level at USD 2,612/feu, but were also down 4.1% week-on-week.