Shipping analysts are confident that a combination of blank sailings and a spike in demand pre-Chinese New Year will enable them to enforce January general rate increases and peak-season surcharges on Asia-Europe trades and help them claw back some of the ground lost on rates since last summer.
This year the official holiday for Chinese New Year falls on February 10-12, but factories usually close for at least a week as many workers return home. This generally prompts a rush of orders from overseas buyers in the preceding weeks.
“I believe we will see success on the GRIs leading up to Chinese New Year,” said SeaIntel’s Lars Jensen. “The carriers are showing prudent moves in terms of capacity reductions, and the uptick in rates on the Shanghai Containerized Freight Index last Friday was another positive indication - this momentum will assist the carriers in maintaining collective discipline.”
According to the SCFI,  Asia-Europe and Asia-Med freight rates increased last week  by $52 and $54 per TEU, respectively, while rates to the US West Coast held steady.