Traditionally, Chinese New Year (CNY) sees a production slowdown in Asia, and the shipping lines blank sailings in order to bring supply in line with demand. In 2020, we saw an extension of CNY due to the Covid outbreak, while in both 2021 and 2022 the shipping lines kept capacity high in order to cater to the high demand levels. Given that demand growth has now stagnated, and freight rates are still dropping, it would make sense for the shipping lines to blank additional capacity during CNY 2023 to try and stem the bleeding freight rates. (....)