As Chinese New Year approaches, rates are up and space is tight.

Chinese New Year will begin on February 16. Factories in China will be closed and/or operating at a lower capacity for at least 4 weeks around that time.

Because of increase in demand, rates will stay up and space will be more difficult to secure. These trends will continue through the start of Chinese New Year. End-of-year blank sailings have led to cargo overflows, creating further tightening space this week.