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The Loadstar issued a story today noting that the 2M alliance is preparing to blank three Asia-North Europe sailings next month, as export demand from China plummets and container spot rates come under increased pressure.

2M partners MSC and Maersk have cancelled their Griffin/AE55 loop for the first week of May and will void two voyages of their key Shogun/AE1 service in the following weeks. MSC attributed the cancelled head haul voyages to “the ongoing market situation” and said bookings would be accommodated on “alternative services”.

The blankings by 2M and two other alliances are seen as a bid to halt the slide in rates as cargo bookings from China have tanked, due to Covid lockdowns and intermodal restrictions. According to The Loadstar’s sources, export bookings for the coming weeks have fallen by over a third, as many factories, warehouses and depots remain shut in the Shanghai area and trucking is difficult to find.

Today’s Ningbo Containerized Freight Index (NCFI) commentary reported that some Asia-North Europe carriers had begun to “cut prices” to increase their bookings, but so far, the impact on the spot rate indices has been minimal and in keeping with the normal weakening in the period after the Chinese New Year and before the start of the peak season.

Full story is available here.