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HomeMarket UpdateGlobal Shipping & Logistics Market Update – April 2023 

Global Shipping & Logistics Market Update – April 2023 

Slowdown Visible in Fourth Quarter of 2022 – Carrier Financial Results

The year 2022 was considered to be a record year for container carriers, however, the last quarter showed another story. Therefore, when the carriers showed their record results, they also alerted us that the current year will be very different.   


  • In 2023, Hapag Lloyd expects a big decline in their earnings. Furthermore, they estimated that the EBITDA will be in the range of USD 4.3-6.5 bn in comparison to the USD 20.8 bn in the previous year.  
  • Maersk Line has predicted an EBIT of 2.0-5.0 bn, which was USD 33bn in 2022. This forecast was made on the expectation of very low profitability of Ocean shipping division in the last 2 quarters of 2023. 
  • Similarly, CMA CGM also expects a market slowdown in the last quarter of 2022 to continue in 2023. 
Carrier Financial Results

Ocean Freight Market Updates - April 2023

Ocean Freight Market Updates April 2023



Strong Increase 


Moderate Increase 


No Change 


Moderate Decline 


Strong Decline 


Middle East – North America

Space out of the Gulf is tight that is causing the rates to increase. More so, the capacity is increasing month over month.  

Capacity — (+) 

Rate — (+) 


Note: Spot rates are flat all through this month.

Middle East – Asia

The Gulf services in the Asian region continue the rate rebound after the Chinese New Year. The capacity available for this trade lane is expected to remain flat month after month.  

Capacity — (=) 

Rate — (+) 


Note: Spot rates are flat for this month.

Middle East – Europe

The rates out of the Gulf are now more stable. Even though space is available, the capacity is expected to remain flat month after month. 

Capacity — (=) 

Rate — (=) 


Note: Spot rates are flat for this month. 

Middle East – Latin America

Rates out of Gulf are flat; however, the space is available. The situation of space is improving as the carriers are less active on this trade lane.  

Capacity — (=)  

Rate — (=) 


Note: Spot rates are flat for this month. 

Inbound Updates

Asia – Middle East

The Middle East and Red Sea Market has an impact of Ramadan, which is causing the rates to decline. However, if not for huge-scale blank sailings, there is a risk that pre-Covid rates will appear again.  

Capacity — (-) 

Rate — (-) 


Note: In general, equipment is healthy across Asia.

North America – Middle East

There are signs of aggressive positioning in the Mideast market for some carriers. This is due to the continuous decrease in the rates. 

Capacity — (+) 

Rate — (-) 


Note: More concessions are available on side conditions. 

Latin America – Middle East

Due to the current market conditions, the exports in Central America are softening. The exports of Mexico to Med and Mideast are softening as well. Whereas the SAEC market in these contracting conditions continues its quick downward trend, which has caused the rates to go back to pre-Covid levels. 

Capacity — (=) 

Rate — (-) 


Note: Vessels are open. 

Europe – Middle East

Capacity in the East Med is available, and rates continue to soften for both short and long-term contracts. The space is also available. 

Capacity — (=) 

Rate — (=/-) 


Note: No equipment issues. 

Air Freight Overview – April 2023

Air Freight Overview

Demand: The PMI index has improved for the emerging markets with higher export orders. With the increasing interest rates and Ukraine crisis, the world economy is adversely affected. However, with the opening of ASPA market again, there is likely to be a quick global economic recovery. 

Capacity: There is a continuous improvement in the capacity. The belly capacity is also following the same increasing trend as passenger travel capacity. There are no bottlenecks expected in the coming months; however, the current labor disputes can have operational impact. 

Rates: There Is a competitive spot market in many of the trade lanes with a slight increase in charter and ad hoc rates. As we move along 2023, there will be more stability in the long-term rates; while tonnage growth trend will play a vital trend.  

The Middle East and Air Carriers

The pace of recovery in the Middle East aviation has improved over 2022 and is expected to only get better in the next decade with its share in the global fleet to increase. Based on the report, the fleet share of Middle East will increase from 4.9% in 2022 to 6% in 2023.  


There has been a slight uptick in the demand after Chinese New Year, which will be expected to further increase in the coming months. The available capacity is sufficient to support the soft demand and the rates will stay competitive in the market.  


For the Asia to Europe route, the demand remains soft, causing the rates to decrease and capacity to increase. Whereas, on the Asia-North America route, the providers are adding more flights; but an improvement isn’t expected till the 3rd quarter due to importers selling through the existing inventory. 


In the United States, the capacity is open, but the rates are still trending downwards. Because of the increase in travel demand in the coming months, additional capacity in the market is expected. The capacity for the North American trade lanes is expected to remain flat month over month. Whereas the spot rates will remain flat for Africa, Latin America, and Middle East; and decrease in Asia, Europe, and Oceania. 


In the Latin America market, the overall capacities are expected to remain flat, while the spot rates will increase for all the trade lanes.  


Due to the ongoing return of regular schedule passenger flights out of Europe, the capacity continues to increase. For the trade lane of Asia, the demand will stay moderate this month, which will allow for easier capacity access. The Latin America market is overall stable; whereas, in North America, the capacity is expected to grow as the summer schedule will be effective from the second quarter.  


The spot rates from Europe to Africa, Asia, Latin America, and Middle East will remain flat; and will decrease for North America. 

Shipping Local News – United Arab Emirates – April 2023

CMA CGM is revising its BAF on the RORO services that connects France to Algeria, Tunisia, and Morocco. The new surcharges will be effective from 1st of April 2023. Read More 


Maersk has announced a new update on Nhava Sheva Port. Due to the traffic and queues outside the port, there will be an overall surge in export demand. Read More 


Ocean Network Express (ONE) has announced new surcharges that will be applicable across all trade lanes to/from UAE. The changes will be effective from 1st April 2023. Read More 


Ocean Network Express (ONE) announced new demurrage and detention tariffs for UAE that will be effective from 1st April 2023. Read More 


CMA CGM has announced the launch of BIGEX services that will connect Bangladesh to India and UAE. This is the only product that will connect Bangladesh to Jebel Ali and Khalifa. See More 


Emirates Shipping Line LLC has implemented an Environmental Fuel Surcharge (EFS). This will be imposed based on Low Sulphur fuel price between USD650 to USD700 per ton, effective from 1st April 2023. Read More 


Hapag Lloyd has updated the local charges for the Middle East, Indian Subcontinent, and Africa. Read Details 


Hapag Lloyd will introduce West Africa Service (WA1) in May 2023 that will help factor in strong schedule reliability and extended port coverage in cargo planning. Read More 


Cargo Gulf is re-launching Arabian Gulf Indian Subcontinent (AGISC). Read More 


Ogefrem Head Office has released a Circular Letter regarding the shipments that will arrive in DRC without FERI. Read More 

Global Factory Output – Overview

Global Factory Output

The Drewry World Container Index (WCI) decreased by 2% to reach $1,716.85 per 40ft container in the last week of March. The current PMI value is 36% lower than its 10-year average of $2,690, indicating that the prices are reaching their normal level.  

United States of America (USA)

US Manufacturing PMI

The manufacturing sector of the US is showing concerning trends during March. Although output has increased since last October, growth was still fractional supported by the ramping up of production. The timely delivery of input has allowed the firms to work through the backlogs. However, there is a scarce demand due to pressure on customer spending as a result of high interest rates and inflation. 

United Kingdom (UK)

UK Manufacturing PMI

UK manufacturing production has fell back to contraction at the end of the first quarter because companies scaled back their production as a response to subdued market conditions. There is a fractional increase in the new orders, followed on from a nine-month sequence of contraction; while showing the overall order book levels remain low. The declining new export orders remain a drain on demand, balancing the signs of a revival in the domestic market.  


China PMI

After a solid increase in output and new orders in February, the Chinese manufacturers have reported soft gains at the end of first quarter of 2023. The sustained upturn in demand supported a further increase in purchasing; however, the inventory continued to fall as most firms kept their cautious approach to stock building 

United Arab Emirates (UAE)

PMI of the UAE

The PMI index of UAE has reached the value of 54.3 in February from 54.1 in the previous month. For the first time in four months, the output grew because of the increasing sales and initiation of new projects. The new orders have increased as well; however, the expansion rate was the weakest since September last year.  

Global Interesting News – April 2023

Freight News


Narita Airport to build $2.7B cargo logistics facility Read More 

Another warning strike brings Germany’s main airports to a halt again Read More 

YEG to pilot hydrogen technologies to advance air cargo Read More 

Air cargo seeing little impact from French general strike Read More 

Deadline looms for freighter operations to change airports in Mexico City Read More 

Etihad Cargo streamlines dangerous goods, pet bookings online Read More 

IATA: Soft start to 2023 for air cargo industry Read More 

LATAM Cargo announces the addition of a new Boeing 767 BCF Read More 

DHL Global Forwarding reports record airfreight revenues Read More 

FedEx to transfer LAX airport maintenance to Indianapolis Read More 

Maersk’s new air freight service to connect Denmark with China Read More 

Changi team up with Brussels airport on cargo Read More 

CargoAI takes in more airline partners Read More 

DACHSER offers daily air freight service from China and Hong Kong to Frankfurt Read More 

Saudia Cargo awards multi-station contract to WFS Read More 

Air Cargo closes 2022 near Pre-Pandemic Levels Read More 

LATAM Cargo connects South America with Brussels Airport Read More 

Messe München brings first logistics multimodal trade fair to Singapore Read More 

UPS expands hub at Changi Airport, nearly doubling capacity Read More 


New EU law ‘marks the beginning of the end of dirty fuels in shipping’ Read More 


Retail giants launch new alliance for green sea freight Read More 


Labor shortage puts pressure on deliveries of new ships from South Korea Read More 


Maersk Supply Service wins three-year contract on three L-class ships Read More 


Maersk enters methanol collaboration with world’s largest port Read More 


Freight thieves in US ports target food products Read More 


Major US port enters deal about green corridor to Japan Read More 


DP World to invest USD 35m in Brazilian port Read More 


Maersk opens first freight route to Ukraine since war began Read More 


House panel eyes ending ocean carriers’ antitrust exemption Read More 


Trans-Atlantic container rates still double pre-COVID levels Read More 


Norway’s leading car port seeks expansion to meet growing EV imports Read More 


Russia-bound Containers Stuck at Antwerp Port for Year Read More 


See-Saw effect in ocean freight rates affecting supply and demand equilibrium Read More 


CMA CGM applies new overweight surcharge from Saudi Arabia to North Africa and Morocco Read More


Jeddah Islamic Port enhances decarbonisation activities Read More 


DP World adds inland container depot at India’s Hazira Port Read More 


Record container throughput for King Abdulaziz Port Read More 


YILPORT integrates Navis TOS into Portuguese box terminal Read More 


Port of Rotterdam supports green hydrogen project at Maasvlakte Read More 


DP World to build new edible oil terminal in Berbera Port Read More 


Maersk Supply Service extends long-term contract in Taiwan with Seaway7 Read More 


Chittagong port to receive larger vessels Read More 


The Suez Canal breaks record for single-day vessel registration Read More 


COSCO and China Merchants tipped to bid for stake in Hutchison Ports Read More 


CMA CGM, COSCO and Hapag-Lloyd line up further orders Read More 


Strikes at UK Airports and Ports – Cargo operations may be impacted Read More 


Beijing and Moscow develop rail trade with new route and river bridge Read More 


Lawmakers introduce ‘clear path’ to more truck parking Read More 


Transport prices in France see a timid rise in February Read More 


EAEU mulls over transport hub in United Arab Emirates Read More 


Russia’s Transport Industry Adapts to a New Way of Life Read More 


The Ministry of Transport of Uzbekistan is negotiating the transportation of goods to Europe through Lithuania Read More 


Kazakh deputy minister talks Middle Corridor’s benefits for global trade dev’t Read More


Intra-Asia trade could surpass $13T by 2030 Read More 


European Commission proposes Net Zero Industry Act Read More 


IAG Cargo sets sights on digitalization, new routes Read More 


Qatar Airways Cargo to use AI to optimize overbooking Read More 


IAG Cargo adds Aruba and Guyana to its network Read More 


86% of pharma and biotech companies plan to invest in ‘digitally agile’ supply chains in the next 12 months Read More 


DP DHL outlines criteria for any DB Schenker bid Read More 


Supply chains ‘finally beginning to stabilise’, says Maersk Read More 


For Shippers, Disruption Means Opportunity to Rethink Carrier Strategy Read More 


Guidelines for shipment of Lithium-Ion Batteries by sea published Read More 


Are there really any limits to artificial intelligence in shipping? Read More 


A.P. Moller Capital to acquire South African frozen logistics operator Read More 


AD Ports Group commences new Ro-Ro service between UAE and Kuwait Read More 


CMA CGM to launch BIGEX, a new service connecting Bangladesh and India with the Gulf Read More 


DHL forms joint venture with Saudis Aramco Read More 


Saudis’ newest carrier to fly with all-Boeing fleet Read More 


Dachser expands in Oceania with acquisition Read More 


DHL Express launches GoGreen Plus Read More 


DB Schenker uses ultra-thin high-tech labels for shipment tracking Read More 


Global trade growth powered by green products, UNCTAD finds Read More 


Navigating the 2023 Supply Chain: Opportunities and Challenges Ahead Read More 


Freight Forward: Volumes slowly growing Read More 


Cargo theft, led by food and beverage, is surging across the U.S. Read More 

UPS Healthcare opens first dedicated pharma facility in Germany Read More 

DP World announces $200M cargo hub in Dominican Republic Read More 

Delta Cargo’s unveils largest cooler facility at JFK Read More 

Milwaukee Mitchell International Airport plans new cargo facility Read More 

Optimizing inventory key for SMBs to beat shrinking warehouse landscape Read More 

APM Terminals to partner on new Vietnam facility Read More 

DP World opens reefer container facility in Sydney Read More


DHL global forwarding opens Brisbane facility Read More 

Locus launches ShipFlex for flexible third-party delivery Read More 

MET taps 15 lenders for €1.23bn facilities Read More 

Freight Forward – Slowdowns but opportunities increase Read More 

Home Delivery Performance: Ticking Time Bomb Or Market Opportunity? Read More 

Scalable automation that optimizes core warehouse functions Read More 

GemOne: how telematics is helping warehouse businesses become safer, more efficient, and digitally mature Read More 

Barcelona to tax logistics companies Read More 

China’s exports continue to slide – adding pressure to economy Read More 


Electronic bill of lading provider leverages Singapore legal reform to rip up the rulebook Read More 


Letter of credit payments permitted despite Russia sanctions, UK court rules Read More 


Ukraine grain deal faces fresh uncertainty as Russia struggles with agri exports Read More 


WTO stays glum on trade prospects Read More 


REVISED COVID-19 Point Of Entry Guidelines (Zambia, 2023) Read More 


Industry bodies unite in producing Guidelines for safe transport of Lithium-ion batteries in containers Read More 


Single window for ship data exchange to become mandatory Read More 


UNCTAD and World Customs Organization enhance cooperation Read More 


Israel-UAE free trade deal takes force as customs agreement inked in Jerusalem Read More 

DB Schenker opens automated e-commerce logistics hub in Spain Read More 


Is inflation crushing e-commerce volume growth? Read More 


Ethiopian Airlines and MailAmericas launch E-commerce Logistics Services Read More 


Slowdown in E-Commerce Hitting Logistics Companies’ Payrolls, Experts Say Read More 


Global e-Commerce Logistics Market Report 2023: Market to Grow 7.9% in 2023 to Reach a Value of €451+ Billion – Forecasts to 2027 Read More 


Preparing for the peak: how retail, FMCG and lifestyle brands can build an agile e-commerce strategy Read More 


5 trends Indian Ecommerce industry can expect to see in 2023-24 and how to prepare Read More 


U-Freight gains recognition for e-commerce logistics product Read More 


E-Commerce Giant Alibaba Will Become 6 Different Entities Read More 

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