Drop in Import Demand Causes Ocean Carriers to Cut Trans-Pacific Services

coracle News

Several ocean carriers are cutting some of their trans-Pacific services in response to a drop in demand and falling ocean spot rates. Mediterranean Shipping Co., Maersk, and CMA CGM are cutting one post-Panamax service and two Panamax services. Some smaller lines are also pulling trans-Pacific services.

These service cuts have mostly affected the surge capacity that was added earlier in the year. October’s trans-Pacific vessel capacity remains similar to last year’s totals.

Ocean carriers cut trans-Pac services as blank sailings fail to stem rate slide, Journal of Commerce, Oct 3, 2022. Accessed Oct 17, 2022.