Freight rates are set to plunge if more container departures are not canceled from Asia to North Europe in week 41, when China celebrates Golden Week with a one week holiday, concludes SeaIntel in a new analysis comparing the departures scheduled for this year's Golden Week with the numbers from the same holiday period over the last three years.
The analysis shows that container carriers in 2012 pulled capacity for a total 59,000 teu in week 41, corresponding to 24 percent of the average weekly capacity in the 12 weeks leading up to Golden Week. In 2013 carriers canceled 63,000 teu in week 41, representing 26 percent of the weekly capacity, while 76,000 teu were pulled in 2014, for 29 percent of the weekly capacity.
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