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Carriers cancel 1.67 million TEU China capacity, costing US$1.5 billion

CARRIERS have withdrawn more than 1

Carriers cancel 1.67 million TEU China capacity, costing US$1.5 billion

CARRIERS have withdrawn more than 1

27 February 2020 - 19:00

CARRIERS have withdrawn more than 1.67 million TEU of export capacity from China since Chinese New Year holiday, according to a Paris-based Alphaliner survey.

Based on an average freight rate of US$1,000 per TEU, the cumulative revenue lost to the carriers will have exceeded 1.5 billion, putting less secure container lines at risk.



And with a significant link in the supply chain broken, manufacturers worldwide face lengthy shutdowns due to a lack of vital components .



Cancelled sailings as production and container transport came to a near standstill in the coronavirus outbreak has resulted in an 'unprecedented' level of tonnage being withdrawn, said the Alphaliner consultancy.



Alphaliner's survey reveals 33 sailings from Asia to North Europe have been withdrawn in the past four weeks, representing 46 per cent of scheduled departures, with a further 17 voyages due to be pulled in the coming weeks.



This would take capacity withdrawn on the tradelane to some 700,000 TEU over the eight-week period following Chinese New Year.



'A significantly deeper cut than in previous years and it compares with post-CNY cuts of just 340,000 TEU in 2019 and 210,000 TEU in 2018,' said Alphaliner.


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