Global Shipping Giant MSC Announces Halt in Voyages!

Recently, as freight rates continue to decline, global shipping giant Mediterranean Shipping Company (MSC) has announced the cancellation of six trans-Pacific voyage segments.
Current container freight rates have further dropped to their lowest levels since the beginning of 2024. Specifically, Drewry’s latest World Container Index (WCI) shows a 4% weekly decline, reaching $2,168 per 40-foot container. Among these, trans-Pacific rates fell by 4%, Asia-Europe/Mediterranean routes dropped by 5%, and trans-Atlantic rates saw a sharper decrease of 7%.
The main reasons for this decline in freight rates include weakened demand and strategic shifts among carrier alliances, rather than anticipated earlier adjustments to tariffs. Additionally, the significant reduction in empty vessel numbers—from 109 in March to 86 in April—has also contributed to this trend.
Data from Drewry on March 28 revealed that, for major east-west trade lanes (including trans-Pacific, trans-Atlantic, Asia-North Europe, and Mediterranean routes), 68 out of 713 scheduled voyage segments from week 14 (March 31–April 6) to week 18 (April 28–May 4) were canceled, resulting in a cancellation rate of 10%.
Drewry’s forecasting agency noted that over the next five weeks, the highest cancellation rate for east-west routes is expected on the trans-Pacific eastbound lane at 47%, followed by the trans-Atlantic westbound lane at 28%, while Asia-North Europe and Mediterranean routes will face a 25% cancellation rate.
Simultaneously, Drewry predicted a decline in schedule reliability over the next five weeks, although forecasts still indicate that approximately 90% of vessels are expected to operate as planned.
Despite these challenges, carriers remain cautiously optimistic and are attempting to implement a General Rate Increase (GRI) for comprehensive freight charges in April.