International Maritime Shipping Market Update: 16% of Voyages Cancelled in Five Weeks, Far East-West Africa Vessel Charter Rates Set
 
The fundamental fundamentals of the global container shipping market have weakened significantly at the start of the year, forcing shipping companies to intensify their capacity adjustment strategies. Uneven demand distribution, downward pressure on freight rates and high operational uncertainty have jointly driven a sharp surge in voyage cancellations, a phenomenon that is particularly prominent on the core east-west trunk routes.
 
The latest analysis from Drewry indicates that the market's previous expectations of a seasonal rebound in shipping demand during the Lunar New Year period have completely fallen through, mainly due to sustained sluggish demand, and capacity tightening on east-west trunk routes has become the norm. The market cooling trend is also directly reflected in freight rate data: the Drewry World Container Index (WCI) fell 10% in a single week, and as of January 22, the index stood at $2212 per 40-foot container, a figure that confirms a substantive shift in the freight rate trend of the world's major shipping routes.
 
Downward pressure on freight rates is spreading across the board: freight rates on the trans-Pacific route fell 11% week-on-week, those on the Asia-Europe/Mediterranean route dropped 9%, and freight rates on the trans-Atlantic route dipped a further 4%. To avoid a continuous deterioration in freight rates, shipping companies are continuing to step up capacity cuts.
 
In the five weeks from January 26 to March 1 (Weeks 5 to 9 of the shipping market), 109 out of the 703 planned container shipping voyages worldwide have been officially cancelled, representing an overall voyage cancellation rate of 16%. Drewry further broke down the route distribution of cancelled voyages: the eastbound trans-Pacific route was the main source of cancellations, accounting for 58%; the Asia-Europe/Mediterranean route followed, accounting for 32%; and the westbound trans-Atlantic route accounted for 10% of cancellations. At the same time, the institution clarified that 86% of route services will still operate as scheduled.
 
Operational pressure on routes will intensify further in February. According to Drewry statistics, the number of planned voyage cancellations in the global shipping market for February has reached 107, a sharp 38% month-on-week increase. Behind this sharp rise is the rapid adjustment of capacity layout by shipping companies in response to weak market demand.
 
In addition to the core factor of sluggish demand, multiple variables have further complicated the shipping market: continued declines in freight rates at Asian load ports, operational pressure on the trans-Atlantic route, and repeated adjustments to decisions on the use of the Red Sea route. Drewry stated that the above factors have created a market perception among both shipping companies and shippers that supply and demand balance is difficult to achieve.
 
In response to the current market pattern, Drewry has put forward practical suggestions for shippers: when formulating shipping plans, priority should be given to the certainty of transit through the Suez Canal, the reliability of route services and the flexibility of transportation solutions, rather than simply pursuing short-term cost savings. Amid the sustained imbalance between market supply and demand, blank sailings have become a core means for shipping companies to control market oversupply and maintain revenue levels.
 
Meanwhile, the vessel charter rate range for the Far East-West Africa route has been set at $18,000-$20,000 per day. The bulk carrier charter market has also shown a trend of partial increases. In the 37th week of 2025, charter rates for bulk carriers on the South American West Coast (Callao) to Far East route have risen: the daily charter rate for handy size vessels was $14,500, corresponding to 100% of the Baltic Dry Index (BHSI) benchmark, an increase of $1,500 from the 36th week; the daily charter rate for post-Panamax vessels reached $21,000, corresponding to 111% of the Baltic Dry Index (BSI), a week-on-week increase of $1,000; the daily charter rate for supramax vessels was set at $23,000, corresponding to 113% of the Baltic Dry Index benchmark, a week-on-week increase of $2,000.
 
Bulk carrier charter rates on the South American West Coast (Callao) to Northern Europe route rose in tandem: the daily charter rate for handy size vessels was $14,000, corresponding to 97% of the BHS benchmark rate, an increase of $1,500 from the 36th week; the daily charter rate for post-Panamax vessels rose to $21,000, corresponding to 111% of the BSI benchmark segment, a week-on-week increase of $1,000.
 
In terms of spot freight rates for dry bulk transportation, the estimated spot freight rate for shipping 11,000 metric tons of copper, zinc and lead concentrates from Chile to the Far East is $50 per metric ton (medium level), and the estimated spot freight rate for the same category and volume from Peru to the Far East is $40 per metric ton (medium-low level). If the shipping volume is increased to 22,000 metric tons, the estimated minimum spot freight rate from Chile to the Far East is $50 per metric ton (medium-low level), and that from Peru to the Far East is $40 per metric ton (low level); including pre-voyage costs, the estimated freight rate for shipping 22,000 metric tons of concentrates from Chile to Far East ports is $50 per metric ton (medium level), while the one-way freight rate for the same volume from Peru to the Far East is an estimated $40 per metric ton (medium-low level).