Alphaliner reported that the average capacity operated by the 13 largest carriers over the first five months of the year has increased by 9.1 per cent compared to the same period of 2017. Zim has experienced the fastest pace of growth, with a 24.5 per cent increase, while Hyundai Merchant Marine is the sole line to have posted a decrease, with a 24.6 per cent drop. HMM also recently announced that it will exit the Transatlantic trade when it ceases to purchase slots on 2M vessels. The increased capacity on offer from the other 12 carriers suggests that they have decided to once again fight for market share rather than profits, with Alphaliner noting that the average CCFI freight rate decreased by seven per cent between the first five months of 2018 and the same period of 2017, while bunker prices surged by 47 per cent

Alphaliner reported that the capacity of the idle fleet as of May 14th stood at 227,865 TEUs (versus 427,865 TEUs in early April) spread across 81 vessels (down from 96 vessels last month). A total of nine vessels had a capacity of at least 7,500 TEUs (compared to 22 last month), of which just two had a capacity of at least 12,500 TEUs (down from nine last month). The idle fleet accounts for 1.0 per cent of the total available capacity, a decrease compared to last month's 2.0 per cent.

The flash-reading of May's Manufacturing PMI for the Eurozone from IHS Markit decreased to a 15- month low as it fell from 56.2 in April to 55.5. The flash Manufacturing PMI Output reading also decreased, slipping to an 18-month low of 54.5 from 56.2 in April.

Eurostat reported that the volume of retail trade in the euro area increased by 0.1 per cent between February and March, which equates to a 0.8 per cent gain year-on-year. The volume of non-food products sold (except automotive fuel) was up 0.3 per cent year-on-year, while food, drinks, and tobacco were up 1.4 per cent. Mail orders and internet sales of non-food products were up 6.5 per cent year-on-year.

In the UK, the Office for National Statistics reported that the quantity bought increased by 1.6 per cent between March and April (for a 1.4 per cent gain yearon-year). The ONS stated that “over the longer-term, retail sales growth has slowed considerably, with increases in food, household goods and internet retailers being largely offset by declines across all other types of retailing.” The ONS noted that the amount spent in April increased by 1.6 per cent over March and posted a 3.5 per cent gain year-on-year.

Markit/CIPS reported that the reading of Manufacturing PMI in the UK decreased in April, slipping from 54.9 in March to 53.9.
Source: Global Port Tracker-North Europe, ISL, Hackett Associates