According to the latest data from the Container Trade Statistics (CTS), container imports from Asia to the Mediterranean in March escaped the European economic woes, hitting their highest level since January 2019.
CTS CEO Nigel Pusey said that considering that last March was the peak of the market, the passenger traffic from the Far East to the East Mediterranean and the West Mediterranean in March was surprisingly strong, not only the demand increased, but also the new business seemed to have been generated.
The Asia-Northern Europe and Asia-Mediterranean route's first quarter freight volume was heavily affected by the Lunar New Year, and the analysis of these transactions usually looks at the entire first quarter, rather than a single month, because the Lunar New Year starts between the second half of January and the first half of February.
Sea-Intelligence's blank shipping data reflects the decline in business during the Chinese New Year, with 25.3 per cent of capacity, or 150,940 TEUs, out of service in February. In March this year, the airline reduced the number of blank flights to 12%, a reduction of 86191 TEUs.
Pusey said that in the CTS February data report, as airlines restored the first two months of this year's route gap, the Asia-Mediterranean route was 78 times, and in March it was 126 times.
In March, Asia-Mediterranean capacity increased 22% year-on-year to 568,000 TEUs. Sea-Intelligence Maritime Analysis data showed that as operators resumed the February outage route, March capacity increased 166,000 TEUs to 613,111 TEUs.
The significant year-on-year increase in freight volume in March was mainly concentrated in the Eastern Mediterranean/Black Sea region, where total container imports from Asia increased by 18%. Imports from China rose 32 percent to 212,420 TEUs, while imports from North Asia rose 28 percent to 53,452 TEUs.
CTS data showed that 10000 TEUs were processed on the Asia-Pacific trade route in the first quarter, up 47% year-on-year. However, there is a significant difference in the import growth data between the Eastern Mediterranean and the Western Mediterranean. In the first quarter, the Eastern Mediterranean/Black Sea imports increased by 6% year-on-year to 16,786 TEUs, but the Western Mediterranean imports decreased by nearly 421% to 4,691 TEUs.
Capacity injection
Mediterranean Shipping Company (MSC) as a significant contribution to the Asia-Mediterranean capacity of the airlines, the company resumed since the March 2020 outbreak of the new crown pneumonia outbreak interrupted between China and the Mediterranean Dragon service, it will use nine 13000teu vessels to operate independent services, using its abundant capacity, engaged in Nordic destinations more attractive trade.
Airlines clearly believe demand will continue to improve, as in May only 5.9 percent of capacity will be canceled, compared with June when 3.9 percent will be canceled.
Peter Sand, chief analyst at rates benchmarking platform Xeneta, said that Asia-Mediterranean trade began to recover late last year and the market in January and February was "almost flat" with 2021 and 2022, in contrast to the slow recovery in Asia-Northern Europe. Airlines are responding to this trend as quickly as possible by increasing capacity on the Asia-Mediterranean route. "
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