General overview: The North Europe shipping market typically operates with a weekly capacity of around 330,000 TEUs. However, for the second half of November, capacity will be cut by 13%, and for the first half of December, there will be a 10% reduction. For the Mediterranean region, the normal weekly capacity is approximately 189,000 TEUs, and for November, capacity cuts have range between 15% and 18%.
Looking ahead, carriers are likely to reduce the number of blank sailings in December due to an anticipated surge in cargo volumes before the Chinese New Year.
Concerning TPEB, the shipping market in the Pacific Southwest is experiencing high demand, with most vessels overbooked and space becoming increasingly tight. For Pacific Northwest, the recent strike at Canadian ports has led carriers to reroute cargo to U.S. ports like Tacoma and Seattle to compensate for the disruptions. However, due to delays in terminal berthing, there is an expectation of increased blank sailings in the coming weeks as carriers adjust schedules. The situation in the Atlantic West remains challenging, with limited available space, making it difficult to secure bookings.
The Canadian port strike has significantly impacted operations at major ports, including Vancouver, Prince Rupert, and Montreal. In response, the Canadian Labour Minister has announced measures to end these disruptions.
The market for Indian Subcontinent exports (excluding Bangladesh) is currently slower, with spot market rates slightly decreasing. However, rates for shipments out of Bangladesh are relatively strong, and equipment stock availability is improving significantly.
Overview by trade lane
FEWB summary:
Rate and capacity update as of November 15, 2024:
Oceania summary:
Rate and capacity update as of November 15, 2024:
Transpacific summary:
Rate and capacity update as of November 15, 2024:
Equipment update by carrier
Correct at time of publication on November 15, 2024:
Click here to download equipment spreadsheet
Asia port updates
Market intel: Oceania
Terminal and port update
(Source: ANL)
Market intel: Americas
US East Coast port strike update.
- U.S. port, union talks break down again over automation, with two months to go before potential strike.
- The United States Maritime Alliance, which represents the owners of East and Gulf Coast ports, said in a statement on Wednesday that the union position on automation is currently making a new labor deal difficult to reach, with a January 15,2025 deadline to either reach an agreement or face another strike.
Canada port strike - Vancouver/Prince Rupert/Montreal
The Canadian Labor Minister has used federal powers to force union workers back to the docks. However, the Union says it will challenge the intervention in B.C. port work stoppages. (Sources: HPL / Reuters)
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