9,367.77 TRY BIST 100 BIST 100
4.79 CNY CNY CNY
34.56 USD USD USD
36.19 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
41.35 TRY Interest Interest
74.24 USD Fossil Oil Fossil Oil
30.90 USD Silver Silver
4.09 USD Copper Copper
100.80 USD Iron Ore Iron Ore
365.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,982.57 TRY Gold (gr) Gold (gr)

Record number of cancellations in freight

Due to the slowdown in the global economy, while the sharp decline in freight continues, operators are canceling a record number of flights to maintain the price level.

Record number of cancellations in freight

While freight continues to drop sharply due to the slowdown in the global economy, operators are canceling a record number of flights to maintain the current freight level. According to Project44, in the first two weeks of December, the average level of cruise cancellations in the Transatlantic and Trans-Pacific is expected to rise to 46 percent, while this rate will increase to 33 percent in trade from Asia to Europe.

Container operators are gearing up for a record number of cruise cancellations to avoid a drop in freight ahead of Christmas, when they're sorely disappointed in shipping volumes. In addition to the world's two largest container shipping giants MSC and Maersk, another major player, Zim, also brought up the cancellations of voyages. It has been announced that these shipping companies will cancel two-thirds of their Transatlantic flights and more than half of their Trans-Pacific flights in the pre-Christmas period. According to data from the freight tracking platform Project44, this corresponds to 38 percent of the trade route from Europe to Asia.

Normally, November and December before Christmas are the busiest months for shipping. Due to the slowdown in the global economy, the season is very weak this year. In particular, there is a great loss in transportation from Asia to Europe. This created a great disappointment for container operators who spent their historical profitability during the pandemic period on giant fleet investments.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Saudi Arabia accelerates its economic transformation with renewable energy

Thursday, November 21, 2024

Giant investment of 1 billion dollars from Kaishan Group to IZBAS

Tuesday, November 19, 2024

Blastr and Knauf Interfer partner to produce sustainable green steel

Wednesday, October 23, 2024

Sharp reduction in freight tariffs: Turkish exporters enter a challenging period

Saturday, October 19, 2024

GMH Gruppe Acquires Kind & Co.

Thursday, October 10, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now