Container lines are set to cancel a record number of sailings in the run-up to Christmas, to try to shore up sliding freight rates. Carriers are expected to blank two-thirds of sailings on the transatlantic and more than half on the transpacific in the pre-Christmas period. That compares with 38% on the Europe to Asia trade lane, according to data from freight tracking platform Project44. The moves reflect a disappointing peak season for carriers.

Freight rates on three major east-west trade lanes continued to plummet this week from highs earlier in the year of more than $15,000 per 40-foot equivalent unit (feu). Rates are $2,676 per feu on the Asia to US West Coast trade, around 80% lower than the same time last year, according to Freightos Baltic Index. Rates from Asia to the US East Coast (USEC) are $5,411 per feu, while those from Asia to North Europe are $4,204 per feu. On trades from Asia to the USEC and to Europe, rates are up to two-thirds lower than a year ago. That has resulted in leading liner operators unveiling further plans to limit capacity in the coming weeks.

AP-Moller Maersk, MSC and Zim are temporarily suspending a service between Vietnam and the USEC. The service used to turn in 10 weeks with 10 vessels of 5,100 teu to 6,650 teu, all provided by Zim. MSC, which along with its 2M partner Maersk co-loaded onto the service, said the loop is being closed to “adjust capacity in line with the slowing demand on the Asia-USEC network”. The last sailing on the service is the Global Ship Lease-owned, 5,936-teu Ian H (built 2000) from Cai Mep on 23 November.

The 2M partners also unveiled additional blank sailings on the Asia to North Europe trade. The two carriers will blank sailings at the end of the month of the 16,652-teu MSC London (built 2014) and 17,800-teu Edith Maersk (built 2007). MSC said the move is necessary “to adjust capacity in line with the slowing demand on the Asia to Europe trades”. Maersk is looking to balance the network “as a consequence of the forecasted reductions in global demand”.

The number of blank sailings has been ramped up drastically on the transpacific, but not so much on Asia to Europe, according to Danish analyst Sea-Intelligence. In the first two weeks of December, the average level of blank sailings is forecast to increase to 46% on the transatlantic and transpacific, but to fall to 33% on Asia to Europe trade, according to Project44. “We’re witnessing the normalization of the global supply chain,” said Project44 vice-president Josh Brazil. “It is evident that carriers are now shuffling the deck as the market shifts back to the shipper’s advantage.”

Carriers have not scheduled blank sailings for the last two weeks of the year due to uncertainty over how to approach the potential pre-Chinese New Year rush. “It appears more to be a wait-and-see approach, in terms of whether there will be a seasonal demand spike,” said SeaIntel.