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Inteligencia De Mercado [Square Newsletter] 2023 No.5

Registration dateMAY 24, 2023


The OECD Composite Leading Indicator (OECD CLI) decreased 3 consecutive months in the US, increased 4 consecutive months in Europe (Big 4), and increased 6 consecutive months in China. However, the economies of all major countries are seen as being contracted.
Despite the decrease in ocean freight, liners are seeking to order vessels additionally. Ocean Network Express (ONE) additionally ordered 10 new dual-fuel container ships with a capacity of 13,700 TEUs. As a result, ONE’s O/E ratio increased to 37.3%.
Following economic contraction and continuous inflation, air freight saw a weak demand. However, as the number of passenger flights increased, air freight supply increased centered on the belly.

Economic Indicators

98.4(0.1) April
47.1(0.8) April
76.8(1.1) April

The U.S. PMI index was 47.1, 6th consecutive month of contraction. Europe contracted for 10th consecutive month at 45.8, the lowest level in 35 months. China's PMI index also fell below 50 for the first time in 4 months, to 49.2, the lowest level since the re-opening. WTI shifted upward during the Chinese Labor Day holiday, with demand for tourism recovering and the effects of re-opening.

Logistics Market Trends

1,007(0.1) April
2,374(0.305) April

Benefiting from China’s export rebound in Mar and contract negotiations, composite index climbed for six consecutive weeks, but slowed down to 998.3 in WK17. Fares from Hong Kong to Europe fell for an average of eight consecutive months per month, while fares from Hong Kong to the U.S. Jet Fuel and FSC are continuing to decline after 2nd half of '22

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