This is a kind reminder as the Lunar New Year approaches, which traditionally means production shutdown in many Asian countries, including China, for a few weeks. The entire industry must be aware and prepared to prevent delays, as most operations close, and employees generally return home for several weeks.

With apparent pressure on capacity ex Asia in recent weeks and this leading to significant rate level increases we have again moved towards a market development similar to pre-pandemic. Somewhat unexpectedly the peak season for volumes ex Asia has led to significant pressure on available capacity having been boosted by events such as Black Friday and Cyber Monday. Some analysts now predict that this could be sustained all the way up to Lunar New Year, 10 February 2024.

Volatility and uncertainty are once again on the menu for shippers around the world. With the year of 2023 having marked a return to pre-pandemic schedule reliability, it is now apparent that we will enter 2024 with darker clouds on the horizon.

Following our ocean market update published on 18 December informing of the consequences of missile attacks on vessels passing through the Red Sea, we continue to monitor the situation closely and wish to update you on the latest developments.

We kick off 2024 with a fresh take on the current market outlook considering recent market developments.