Shift towards fewer voyages with higher MPP cargo loads in H1 2024

In our August MPP market report, we analyzed MPP shipping patterns based on draught for voyages from China to the US and EU in the first half of 2024.

Voyages from China to the US by average draught (%): fewer, but more heavily loaded voyages.

In 2024, there seems to be a shift towards fewer, but more heavily loaded voyages, especially in Q2. Despite fewer voyages in Q2 2024, the draught suggests more goods were carried per voyage, offsetting the reduced frequency.

According to our data, the number of voyages decreased in both quarters of 2024 compared to the same period in 2023, while the draught increased, particularly in Q2 2024. Our data indicates a trend of reduced shipping frequency but increased load per ship in 2024, marking a significant shift compared to 2023.

The same pattern applies to voyages from China to the EU, with a notable rise in capacity utilization per ship, as indicated by the average draught (%).

Q1 2024 shows a sharp drop in the number of voyages (over 63%) with only a slight reduction in average draught, indicating a decrease in shipping frequency but relatively stable ship loading.

Q2 2024 continues the trend of fewer voyages (47% reduction), but the dramatic increase in average draught to 90% suggests significantly more cargo per voyage compared to Q2 2023.

In our analysis, we observed a shift towards fewer but more heavily loaded voyages on both China-US and China-EU routes, reflecting higher capacity utilization per ship. This shift is likely a result of operators prioritizing more efficient operations and optimizing capacity utilization.

The full report is available exclusively to our clients. If you’d like more information, feel free to reach out at shipping@esgian.com.