Vessel delays are finally abating somewhat, and the terminal congestion indicators are also showing signs of improvement, according to a recent analysis released by Sea Intelligence.
The maritime analyst said while 10.5% of the global fleet is still unavailable due to supply chain delays, it has dropped from 13.8% in January.
"This means that 3.3% of the global fleet has been released back into operation from January to April," Sea-Intelligence added.
It said that CCFI (China Containerized Freight Index) freight rates are highly correlated to the capacity absorption rate, clearly showing how this loss of capacity is the "most important factor" in the ongoing crisis.
Capacity constraints driving rates
"It appears that capacity absorption has acted as a leading indicator for rate developments since the congestion problems began in earnest during late 2020," the report added.
Sea-Intel noted that on terminal congestion, using the bi-weekly customer advisories from HMM to calculate the terminal congestion index, it said on North America, the index has been gradually increasing since reaching an apex of a little over 80% in January 2022, but still remains at a highly elevated level.
"However, what is interesting to note is that in Europe, there has been continuing substantial improvement in the overall congestion index over the past month – although it should also be noted that despite the very visible decline, the level of congestion is still very high, compared with pre-pandemic normality," Sea-Intel further said.
On a port level, it added that distinct improvements are seen in Spain, Italy, and Greece, whereas at the other end of the scale there is not much improvement in Rotterdam and Hamburg.
