The traditional increase in bookings for December and January shipments out of Asia is nowhere to be seen as brands and retailers struggle with surplus stock levels and weakening demand, per the Journal of Commerce.

On Asia to Europe routes, increased demand and a higher amount of blank sailings in the coming period will result in tighter space pre-Lunar New Year. Rates are still under pressure but not going down as much anymore due to a more balanced supply and demand situation, said Flexport.

Transpacific ocean rates fell sharply again last week on easing demand and congestion. As empty containers accumulate at Chinese ports, Asia – US West Coast rates fell by more than 25% last week to a level 5% lower than this time in 2019, said Freightos.

Carriers plan more blank sailings for Q1 2023, most notably out of Vietnam. The goal is to curb both excess capacity and continue to improve schedule reliability, per Flexport.

Indian Subcontinent pricing and capacity continues to benefit shippers as rates drop and vessel space remains available, per Flexport.

With inflation and inventory build ups subduing demand for air imports, air cargo peak season has now officially failed to materialize. Freightos Air Index rates from China to N. America and Europe of $5.49/kg and $4.64/kg, respectively, are down more than 40% compared to the end of November a year ago, said Freightos.