Maersk's latest market report: Continuing to cut capacity on major routes; Direct air flights between China and the United States will be launched.

In its latest Asia Pacific market update, Maersk said the global economic outlook appears to be deteriorating further as growth slows and inflation levels rise.

As a result, global container volumes continued to decline, with negative growth in almost all major markets, leading Maersk to cut capacity on major ocean-going routes from Asia to match demand. However, despite the gloomy outlook, there are still signs of recovery, and according to market analysts, some retail industries in the United States will see a significant increase in monthly revenue.

"After a sharp decline, demand for sea freight is now leveling off and we are adjusting our route network to the new reality," Morten Juul, head of maritime management for Maersk Asia Pacific, said in the report.

At least one shipping alliance is considering a "winter sailing plan" between Asia and northern Europe, which could see shipping lines cut weekly capacity by a third before the start of the Chinese New Year holiday on January 21.

Maersk said it was continuing to adjust service capacity on routes from Asia to North America, Europe and the Mediterranean to accommodate fluctuations in demand. This means that some voyages will be cancelled before the New Year.

A week ago, Maersk and MSC announced the suspension of their jointly operated Asia to US East route service Liberty/TP23 and will not operate the service until further notice, with the last voyage being carried out by the container ship "IAN H", which left Tanjong Palapas Port on November 23. (Click to query the real-time status of container ship "IAN H")

However, Maersk said there were reasons to be optimistic about intra-Asian routes. Following a rapid rebound in demand from China after the Golden Week holiday, its subsidiary Sealand Asia will launch a new intra-Asia route service, HP3, connecting ports such as Busan, Kaohsiung, Nansha and Haiphong.

In addition, in terms of Air freight, Maersk said that its air Cargo company Maersk Air Cargo will significantly expand its air cargo network, including the launch of direct flights between China and the United States in late December this year, connecting manufacturing and business centers in East China with those on the East Coast and Midwest of the United States.

It will also launch air services between Hangzhou and Chongqing in China and its air cargo hub in Billund, Denmark.

Previously, Maersk Air Cargo launched cargo flights between the U.S. and South Korea on Oct. 31, offering twice-weekly air flights between Greenville-Spartanburg, South Carolina, and Incheon, South Korea (ICN) by using the first of three recently purchased Boeing 767-300 freighters.

The company also launched twice-weekly air flights from Hangzhou to Chicago and Rockford via Incheon on November 28. From 2 January 2023, this will increase to six classes per week. Maersk said Hangzhou is one of China's high-tech manufacturing centers, while Chicago and Roquefort are important gateways to the U.S. Midwest.

Also on November 28, it launched air flights from Shenyang, China, via Incheon, South Korea, to Greenville-Spartanburg, United States, with two flights per week, which will be increased to at least three flights per week from early January.

"Our goal is to rapidly increase the number of flights to provide customers with a reliable and fast option for air cargo," Maersk said.

Current air freight market conditions do not seem too optimistic, according to Maersk Market Update report, the International Air Transport Association released data in early November, Asian airlines in September air cargo demand continued to decline. International freight demand in Asia (measured in tonne-kilometres of freight) fell 9.3 per cent in September and 8.7 per cent in August.

In Greater China, air cargo capacity increased in October, and Maersk expects apparel exports to rise from the end of October as winter apparel sales increase in key markets such as Europe and North America.