2-minute rundown on what’s happening with Asia-Pac freight market in Feb - Mar.

Global PMI rose consistently, reaching a seven-month high at 51.8 in January.

Slight global CPI increase due to Red Sea shipping issues, but potential for global inflation slowdown. Core Goods CPI at 1.3%, services CPI at 4.6% in December.

Financial markets anticipate potential interest rate cuts by US Federal Reserve and European Central Bank in 2024.

10-year Treasury bonds' rate at 4.3% in mid-February strengthened the US dollar. Despite the rise, expectations persist for a decrease in the US dollar's value throughout the year.

Airfreight growth in 2024 projected at 2-5%, with increased passenger widebody capacity in Asia-Pacific impacting load factors and rates.

E-commerce remains resilient, driving air freight volumes despite an overall slowdown due to the Chinese New Year.

Outbound rates from India to Europe and the US doubled in February due to the Red Sea crisis, but supply remains lower compared to other Asian countries.

Anticipation of a slight increase in demand for outbound shipments from Asia as factories resume operations by late February or early March.

ONE and WHL forge an independent partnership through a Vessel Sharing Agreement (VSA) for a new TP AP1 loop, separate from the Maersk-HL alliance and the upcoming Gemini Cooperation.

Post-Chinese New Year challenges result in an estimated capacity withdrawal of 35% for Europe/Med Westbound and 25% for Trans-Pacific Eastbound. Carriers strategically adjust rollover pools, maintaining stable freight rates despite sluggish cargo movements.

Swift response to the Red Sea Crisis sees carriers deploying additional vessels, with 2M leading in average sailings and reducing overall rollover to less than 20%. Despite challenges, rates for Northern Europe slightly decrease, showcasing the industry's adaptability.