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HomeMarket UpdateLogistics Market Update – March 2023 
logistics market update march 2023

Logistics Market Update – March 2023 

MegaMax Container Ships Winning Over the Market in 2023

In 2023, the leading 11 container lines in the world will add 89 more large container vessels to their services. The shippers can expect 31 new MegaMax (MGX), 9 mainline vessels (greater than 7’000 TEU), and 41 NeoPanamx (NPX). Nevertheless, due to market demand, there might be a slight delay in the delivery of these ships.  


The first MegaMax container wave will start from Ningbo, where 24’116 TEU MSC TESSA will become part of the service ‘AE6/Lion’. Based on the expert views, this will be the biggest containership in the world for some time, until the 24,188 TEU OOCL SPAIN becomes part of Far East-North Europe LL3 loop on 21st March. The other containers hitting the market includes 24,346 TEU MSC IRINA joining ‘AE10/Jade Service’ on March 21st, 24,116 TEU MSC CELESTINO MARESCA on 28th March joining ‘AE6/Lion’, Shanghai’s MSC RAYA joining the service on 9th April, and lastly, 23’666 TEU BERLIN EXPRESS that joining The Alliance loop of Far East-North Europe. 

MegaMax Container Ships Winning Over the Market in 2023

Ocean Freight Overview – March 2023

Ocean Freight march 2023 Overview



Strong Increase 


Moderate Increase 


No Change 


Moderate Decline 


Strong Decline 


Middle East – North America

The capacity will remain flat over the month, while the rates will reduce slightly. The capacity available for Turkey is above the demand, which is why, the ships are not sailing in full. On the other hand, due to soft rates on Asia-US demand, the space has opened up for Asia.  


Capacity — (=)   


Rate — (-)   


Note: The port congestion on the US ports has improved; while the space remains tight for the Gulf region.  

Middle East – Asia

For the trade lane of Middle East to Asia, the rate and capacity will remain flat. The cargo rate has reached to the pre-pandemic level for Turkey to China shipments, and the capacity is more than the current demand. 


Capacity — (=)    


Rate — (=)   


Note: After the Chinese New Year, Gulf services have experienced rate rebound.  

Middle East – Europe

The capacity will remain the same; whereas the rates are expected to decrease slightly. MSC has recently updated their route from West Med-WAF to Turkiye-West Med-WAF on 21st of February 2023. 


Capacity — (=)   


Rate — (-)   


Note: Aliaga and Izir call connection added to STS service by ONE. Despite that, the demand remains contract.  

Middle East – Latin America

There are no changes expected in capacity or rate. However, less active carriers, like EMC, WHL, and YML are also offering space for this trade lane, improving the space condition for the trade lane.   


Capacity — (=)    


Rate — (=)  

Inbound Updates

Asia – Middle East

With the upcoming Eid holidays, a volume surge is expected in the Middle East markets. Also, due to the Pre-Lunar New Year blank sailings, the GRIs will remain strong for all the Gulf and Red Sea markets. The East MD market has been impacted after The Alliance’s blank sailing programs. Luckily, the non-Alliance is counterbalancing to mitigate the immediate GRIs. 


Capacity — (-)   


Rate — (+)   


Note: There will be volume surge in the Middle East markets.  

North America – Middle East

For the MENA region and Turkey/Egypt, the capacity is opening up this month and the rates are softening. The port of Iskenderun is currently closed indefinitely for Mersin after the earthquake in Turkey/Syria. 


Capacity — (+)   


Rate — (-)   


Note: All the humanitarian relief is taken from TR port to Iskenderun. 

Latin America – Middle East

For MED markets, the exports in Latin America are facing downward trends with rates coming back to the pre-pandemic level.  

Capacity — (=)   

Rate — (-)     

Note: The trade level remains high for Africa.

Europe – Middle East

This trade lane is moving into March with stagnant capacity and decreasing prices. For short-term and long-term contracts to East Med, the space will be available with soft rates. 


Capacity — (=)   


Rate — (=/-)  


Note: Equipment will be easily available.  

Air Freight Overview – March 2023

Air Freight Overview

Demand: Volume remains low, while the PMI index also indicates low export orders in this month. High inflation, Turkey/Syria earthquake, and Ukranian crises are affecting the rate. However, the low volumes are predicted to recover in the 2nd half of 2023. 


Capacity: The belly capacity has increased, so now the available capacity is sufficient to meet the current demand level. No bottlenecks are expected in the coming months; more so, a recovery in the CN PAX market is expected. 


Rates: The spot rates across most trade lanes are aggressive. Moreso, as the market is expected to recover in the 2nd half of 2023, the long-term rates are expected to increase. 

The Middle East and Air Carriers

Middle East Air Carriers have faced a loss of approximately USD 1.1 billion in 2022; however, in 2023, it is predicted to experience a gain of USD 268 million. This is because the passenger demand growth rate of 23.4 will exceed the capacity growth of 21.2%. Furthermore, the region has benefited as a result of rerouting after Russia-Ukraine war. 


In North China, the demand is picking up due to the volume increase in e-commerce and month-end usual factors. Whereas, in the South China, the rates are increasing due to the rise in demand; however, the supply will remain strained due to flight cancellations.  

In the Taiwanese market, the demand remains low, while the market is slack. There are no signs of improvement on the horizon.  

In Korea, the expectation was that the exChina’s ocean and air capacity would come under strain in March; however, it has now leveled up the falling rates.  

Lastly, in the Southeast Asia region, the market remains soft, and demand remains the same, indicating no signs of improvement in March as well.  


In American markets, the demand for exports remains steady, while the rates are also stable week over week. The capacity is opening, especially to the European markets. Furthermore, all the US airports are working at their normal pace.  


With increased fluctuation in rates WoW across point pairs, the overall demand in the market has increased. The rates and lead time are higher for the direct routes; however, indirect options with one or more connections are available at low prices, and longer transit time. All in all, there are no major disruptions or delays across major hubs.  

Shipping Local News - United Arab Emirates – March 2023

The Ministry of Foreign Affairs and International Corporation (MOFAIC) of UAE has introduced a new electronic attestation system for commercial invoices, which will be effective from 1st February 2023. The applications can be submitted using any channel; however, conditions may apply for certain Declaration Types or invoices above certain values. Read More 


Hapag-Lloyd has introduced IMDG Code, 2022 edition (Amendment 41-22), which will be effective from January 1st, 2024.  Till then, IMDG Code, 2020 edition (Amendment 40-20) will be in place till December 31st, 2023. However, these may be applied voluntarily from January 1st, 2023. Read More 


Maersk’s logistics operations continue to be affected by the Turkey/Syria earthquake that hit the area on 6th February 2023. The representatives of the company will help with relief packages on the shipments in the affected areas. Read More 


The European Union is implementing a new security and safety program, the Import Control System 2 (ICS2). It is an automated process that will be applied to all cargo and mail to and from EU countries; the system will be effective from 1st March 2023. Read More 


Maersk has made some changes in the SLA, which will be effective from the 1st of March 2023. Following these changes is mandatory for payment confirmation, Bill of Lading, or Delivery Order release. Read More 


Hapag-Lloyd has announced a new update on their Marine Fuel Recovery (MFR). This will be applicable from the 1st of April 2023 on all trades and will be mentioned separately as a surcharge on Bill of Lading and invoice. Read More 


CMA CGM has announced a revision of the Bill of Lading export fees, effective from 1st of April 2023. Read More 


Lotus Shipping has announced to extend their services to Hodeidah port, Yemen through Djibouti. Read More 


UAFL Shipping has announced to increase its operational equipment surcharge in Moroni, effective from the 1st of March 2023. The step was taken after the rise in the Moroni Terminal Tariff on the 1st of January 2023. Read More 

Global Factory Output – Overview

Global Factory Output

The global Drewry World Container Index (WCI) decreased by 2% and recorded at $1,859 per 40ft container. The value indicates the return of prices to their normal level. 

United States of America USA

USA composite PMI

The USA composite PMI has reached 50.2 in the month of February 2023 from its value of 46.8 in the previous month. The reading indicates that the output across the private sector hasn’t changed broadly, which is due to the slow decrease in manufacturing production and slight increase in service sector output. From the price point of view, the input cost inflation was slower than October 2020; whereas the output charges have increased since that time. 

United Kingdom UK

PMI value for the UK

The PMI value for the UK has increased sharply from 48.5 in January to 53.0 in February 2023. This indicates the quick expansion in the private sector. Furthermore, there is growth in both the service and manufacturing sectors. The inflation prices have eased slightly, especially in the service sector. 


composite PMI of China

The composite PMI of China has increased from December 2022 and stands at 51.1 in January 2023. There was an expansion in the service sector for the first time in the last 5 months. The new orders have started to grow at a marginal rate. From the price point of view, the cost of input has increased; whereas the prices charged were steady. 

United Arab Emirates (UAE)

PMI of the UAE

The PMI of the UAE reduced to a one-year low value of 54.1 in January; but in February, it has shown a strong growth, especially in the non-oil business. Due to the boost in order inflow, the activity levels have increased as well.  

Global Interesting News

Freight News


Surge in freighter orders by carriers, despite ‘paradigm shift’ in air cargo Read More 


Polar Air Cargo ‘was the victim’ in ‘illegal payments’ case Read More 


Plunging airfreight rates and no post CNY pick-up: ‘the end of globalisation?’ Read More 


Small airlines bottom of the pile for SAF Read More 


South African cargo airline Suid poised for launch Read More 


Qantas plans to add more freighters Read More 


IAG Cargo to charge for paper air waybills Read More 


Cosco opens sea and air logistics centre in Guangzhou Read More 


Hong Kong Airport aims to further enhance sea-air services Read More 


Kuehne+Nagel partners with Birmingham-Shuttlesworth Airport Read More 


EV Cargo becomes sole shareholder of Allport Netherlands Read More 


Kuehne+Nagel partners with Birmingham-Shuttlesworth Airport Read More 


US air cargo sector concerned over stricter screening rules Read More 


DHL Express launches GoGreen Plus Read More 


Network Airline Management transports relief aid to Turkey with B747F flights Read More


UPS providing relief supplies to Turkey via Cologne-Istanbul airbridge Read More 


Oman Air Cargo highlights Oman’s logistics capabilities to major international air freight partners Read More 


Emirates SkyCargo and Air Canada Cargo sign agreement to enhance networks and reach Read More 


Etihad Cargo expands European capacity Read More 


Spright orders 40 Blueflite drones Read More 


Canada’s Edmonton Airport eyes expanded drone services Read More 


FedEx pilot leaders set stage for possible strike Read More 


A Positive Outlook for Aviation & The Importance of Being a Socially Responsible Airline Read More 


Formula 1 announce Qatar Airways as new Global Airline Partner in multi-year deal Read More 


Chinese cargo airline SF invests in airframe repair station Read More 


Qatar Airways Cargo Partners with INOMAD, an all-in-one Air Cargo Platform Read More 


Kuehne + Nagel looks to grow share of Southeast US air cargo market Read More 


American Airlines Cargo partners with BioNatur Plastics Read More 


American Airline Cargo transports Fresh Flowers Read More 


CMA CGM extends air cargo service to Shanghai Read More 


Kuehne+Nagel offers SAF option with Lenovo Read More 


New series talks about air freight consolidation Read More 


CargoAi unveils new payments solution Read More 


Apex Logistics welcomes last Queen freighter Read More 


Qatar Airways Cargo enhances Courier service; increases service between Munich and Doha Read More 


Why a ‘dramatic’ drop in freight rates is ‘double-edged’ for procurement Read More 


Ocean carriers ‘boxed in’ by 5m teu surplus equipment mountain Read More 


Euro/US exporters back in favour as carriers seek backhaul cargo Read More 


Containership lay-ups continue to spike as demand slump rolls on Read More 


Cross-alliance cooperation on the increase as market weakens Read More 


Worker shortages won’t be solved by more pay, a career path is key Read More 


More blank sailings and detours as ONE’s volumes, earnings, fall Read More 


Li-ion batteries pose a risk to freight ro-ro services Read More


Ukraine wants to insure ships to promote exports Read More


Maersk stuck with ghost ship in Russian port Read More


‘Colossal’ tidal wave of new container ships about to strike Read More 


BlueCargo raises $11M to bring visibility to drayage fees Read More 


Greece-owned tankers ship Russian cargoes from Baltic ports Read More 


Maersk Sues Evergreen Over Suez Canal Blockage Read More


Port of Los Angeles and Port of Long Beach report January volume declines Read More 


Traxens upgrades container tracker to meet new explosion safety requirements on ships Read More


Jeddah Port scoops Port of the Year Award beating top international rivals Read More 

Maersk Supply Service seals cable layer contract extension with Seaway 7 Read More


New capacity enters ‘thriving’ Russian container sector Read More


HMM creates digital system to track and move empty containers Read More


Hapag-Lloyd kicks off retrofits of 100 ships with new propellers and bulbous bows Read More


CMA CGM books another dozen 13,000 teu methanol-powered ships Read More


Hapag-Lloyd agrees LNG supply deal with Shell for 12 new vessels Read More


Maritime Gateway Releases the South Asia Container Market Report 2022 Read More


IAG Cargo adds Heathrow to Amsterdam freighter capacity Read More


Road feeder services getting closer to zero emissions with electric project Read More


How dire are electric truck maker Nikola’s finances? Read More


Borderlands: Nearshoring creates booming demand for border logistics facilities Read More


Falling used truck prices push largest dealership network to sidelines Read More 


Is FedEx Ground looking to zero out 3rd-party influence? Read More


Dynamic pricing is heading LTL’s way — or is it? Read More


Can electric trucks make sense for digital brokerages? Read More


South Africa’s Transnet looking for partner to operate Joburg/Durban rail corridor Read More


WiseTech brings in rail game with $414m purchase Read More


Europe: the rise in road transport prices comes to an end Read More


Top PE investor buys up majority of ambitious Scan Global Logistics Read More


Gebrüder Weiss announces a new location in Albania Read More


Russian carrier and 22 ships added to US sanctions lists Read More


4th consecutive weekly drop posted for benchmark diesel price Read More


Pandemic exposed global pharmaceutical supply chain’s fragility Read More 


Target announces massive supply chain investment Read More


Bangladesh Shipping Corporation to Get $22.48 Million for Ship Hit by Missile in Ukraine Read More


DMB Takes Over the Anschütz Group Read More


Herman Senior Acquires ST Marine Support Read More 


Keppel and Sembcorp yard merger completed Read More


Industrial improvement in China amid global recession Read More


Thailand plans multi-billion-dollar infrastructure investment to boost economy Read More


Asian liner SeaLead opens more India-centric connections amid growth expectations Read More


CMA CGM announces updated rates from Indian Subcontinent, Middle East Gulf, Red Sea and Egypt to USEC and US Gulf Read More


Yusen Logistics supports Baseball Equipment Donation Project Read More


Saudia and WFS seal cargo handling deal Read More


The market, yet again, is shifting on multiple levels Read More


3PL News

TAPA EMEA achieves cargo security milestone Read More

Dronamics raises $40 million in pre-Series A funding to launch Europe’s first middle-mile drone deliveries Read More

FedEx invests €11.7m in new Cork facility Read More

Maersk to promote logistics leg with expansion of inventory space Read More

DHL announces Southern California expansion into new Redondo Beach facility Read More

Locus Launches ‘Last-Mile Maturity Assessment’ For Enterprises to Level-Up Their Strategies Read More

Why Enterprises Must Prioritize an End-to-End View of Last-Mile Operations to Remain Competitive Read More

Walmart’s store-fulfilled delivery sales nearly triple in two years Read More

Wayfair cancels plans for Houston fulfillment center Read More

Target plans $100M investment to expand next-day delivery Read More

DACHSER strengthens its logistics centre in Bremen Read More

Companies Are Slow to Adopt Robot-Operated ‘Dark’ Warehouses Read More 

Aramex takes next mile in drone, bot deliveries Read More

Why we continue to expand our Warehouse network Read More

Kuwait government orders Agility to vacate logistics parks Read More

Small Press Distribution Launches GoFundMe to Support New Operating Model Read More

Order Picking Accuracy Speeds Up Distribution Read More

Sainsbury’s to shut two Argos warehouses as it ‘modernises’ logistics, 1,400 roles impacted Read More

Target and Solo Cup are opening huge warehouses in the southwest suburbs Read More

Ocado pauses building new warehouses as annual losses balloon to £500m Read More

Maersk advances warehouse fulfillment speed with new software and scanning technology Read More

Public invited to have a say on plans for ‘huge’ warehouse and logistics development outside Spalding Read More

Rooker sells Williams-Sonoma warehouse for $20.7 million to investor Read More

Family-run haulage and warehousing specialist joins major distribution network Read More

DAS Companies, Inc. continues to grow with official opening of new warehouse Read More

Battery Energy Storage Systems Market Size Will Attain USD 52.9 Billion by 2033 Owing to the Ongoing Grid Modernisation | Future Market Insights. Inc. Read More

Audi Volkswagen Middle East Announces Collaboration With DHL In The Middle East Read More

Trade and Customs News

Cyprus axes ships as EU targets Dubai Sovcomflot operations Read More


First Russian clean cargoes to Brazil signal shift in global diesel trades Read More 


Sanctioned Russian ship departs Indian waters after failing to unload cargo Read More


Australia Bans MSC Containership Over Safety Deficiencies Read More 


Spain Detains Oil Tanker Over Mediterranean Fuel Spill Read More


Danish-operated Tanker Seeking New Port After Spanish Entry Ban Read More


ATA and U.S. Chamber of Commerce commend FHWA on revised infrastructure funding memo Read More


US hits Russia with 200% aluminum tariff Read More


Legal reforms key to achieve global trade digitalization – Chris Southworth, ICC UK Read More


CargoX and CEBS launch partnership to help customers migrate from TradeLens Read More


Bills of lading will be 100% electronic by 2030 – DCSA member lines commitment Read More


Argentinean taxation on waterways increases demand by port of Paranaguá Read More 


Relief Efforts in Turkey, Syria Face Logistical Hurdles Read More 


Teleport sets eyes on Australian exports with Wexco Read More


China-EU rail freight: a highly sensitive market Read More


QBE says US$9mn insurance row based on fake commodity trades Read More


Sanction risks fail to stop carriers’ gold rush in Russian trade Read More

Ecommerce Logistics News

eturns a costly and speeding juggernaut for Amazon and parcel carriers Read More 


Amazon contractor ATSG expects cargo jet usage to dip 5% in 20233 Read More 


Amazon closes, cancels more warehouses as cost-cutting persists Read More 


Amazon expanding same-day delivery service Read More 


FedEx Express to lean on third-party carriers for less urgent shipments Read More 


Target And Amazon Sharpen Their Delivery Weapons Read More 


Sam’s Club Adding Distribution Centers to Speed Up Online Fulfillment Read More 


Shopify Bulks Up Online Fulfillment Logistics Services Read More 


DHL and Cainiao join forces in Poland Read More 


Lödige Industries to deliver smart material handling system for Cainiao Smart Gateway Read More 


FedEx delivers critical aid to Turkiye/ Syria Read More 


NimbusPost Collaborates with ClickPost to Streamline eCommerce Logistics Experiences Read More 


A.P. Moller – Maersk and Mawani break ground for Saudi Arabia’s largest Integrated Logistics Park at Jeddah Islamic Port Read More 


SMEs to benefit from fuller e-com solution Read More 


China’s JD.com to shut e-commerce sites in Indonesia, Thailand Read More

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