Over the past several weeks, we have reported on a sharp week-by-week increase in the number of blank sailings on the Transpacific. When we look across what was deployed in April and what is scheduled for May combined, blanked capacity accounts for 19% of the total Asia to North America West Coast (NAWC) planned capacity, and 17% of the total Asia to North America East Coast (NAEC) planned capacity, across those two months. But a high level of blank sailings does not automatically translate into a large reduction of capacity Y/Y, if the originally planned level of capacity, without blank sailings, constituted a large increase in capacity deployment on a Y/Y basis. At the end of March – just before the new trade war – the shipping lines collectively were planning to increase the capacity on the Asia-NAWC trade by 17.0% Y/Y. Now, we are at a point where they are reducing the capacity compared to April and May 2024, by -4.3% Y/Y. On Asia-NAEC, prior to the trade war, the lines planned to increase trade capacity by 10.9% Y/Y, but this has now been changed to a Y/Y capacity reduction of -4.9%. (....)