Containers are up by 7% this week; air cargo is down by 7%
Hello colleagues and interested parties
We are sharing the latest version of the cargo report for distribution.
The following highlights are worth noting:
1. Strait of Hormuz/Iran crisis::
a) The Strait of Hormuz remains the principal disruption point, with vessel movements reportedly down by nearly -90%, affecting around 650,000 TEU of weekly Persian Gulf port traffic and pushing congestion into the Arabian Gulf and elsewhere.
b) Despite the disruption, the wider liner market remains in “full employment”: commercial idling briefly reached 1% of fleet capacity but has since eased to 0,7%, while at least 58 vessels, representing around 310,000 TEU, have diverted or sheltered.
c)The structural supply risk remains material, with the global containership orderbook reaching a record 13 million TEU, equal to 38,3% of fleet capacity, while Drewry’s WCI hardened by +3% to $2,286/FEU.
2. Global air cargo industry developments:
a. IATA’s March data showed a sharp reversal in global air cargo momentum, with CTKs down -4,8% (y/y) and international traffic down -5,5%, driven primarily by Gulf disruption and a -54,3% collapse in Middle East CTKs.
b. The High-frequency WorldACD data showed some short-term recovery in week 17, with worldwide chargeable weight and capacity both up +3% (w/w) and global tonnages +9% (y/y); however, Africa remained -8% (y/y), while global spot rates rose to $3.76/kg.
