Chinese New Year to Cause a Slowdown in Shipments

Chinese New Year begins on January 22, launching China into its longest holiday of the year and creating a slowdown in shipping for the next two weeks. This year is the Year of the Rabbit, which symbolizes longevity, peace, and prosperity.

Shipping lines reduced blank sailings in January to 10 percent of capacity (compared to 19 percent in December, 17 percent in November, and almost one-third in October), in anticipation for a surge in shipments ahead of Chinese New Year that never came. Given rates are at breakeven levels, analysts are expecting blank sailings to continue through 2023.

Source:
1. Asia-Europe capacity cuts lag market slowdown: analysts, Journal of Commerce, Jan 15, 2023. Accessed Jan 17, 2023.