Transpacific container trade kicked off 2024 with a bang, experiencing a 16.9% surge in eastbound box volumes compared to January 2023. Lynerlytica predicts positive full-year growth after last year’s 15.1% decline.
Capitalizing on this robust demand, carriers enjoyed freight rates over 200% higher than 2023. Industry heavyweights COSCO, CMA CGM, and Evergreen maintained their dominance, further strengthened by the impending OCEAN Alliance’s expansion with the 2M split and Hapag-Lloyd’s departure from THE Alliance in 2025.
Lynerlytica reports defying pre-holiday expectations, carriers retained most rate gains, indicating sustained bullish sentiment.
“Tight capacity persists in March due to extended Red Sea diversions, pushing charter rates up. Notably, unlike previous years, carriers kept fleets fully employed, delaying Asian arrivals via the Cape to avoid the post-holiday slump,” states the report.
Lynerlytica concludes that the transpacific boom, coupled with Red Sea disruptions, paints a positive picture for continued tight capacity, benefiting both carriers and the industry.
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