Carriers are taking further steps to balance capacity amidst weak demand in the first quarter. Lloyd’s List reported that major liners intend to cut a quarter of their Asia-Europe sailings. The shipping schedules for the next few weeks show many of the planned voyages were cancelled, revealed the Lloyd’s List article, which highlighted that the capacity could be reduced even further after the Chinese Lunar Year holidays. Compared to 2021, Asia-Europe volumes dropped almost 26% in October and 18% in November, according to Container Trades Statistics. While this is not uncommon during the Chinese holidays, the number of vessels removed from this trade lane this year is relatively higher. Approximately 27% of 196 planned round trips from Asia to Europe have been removed from the beginning of the year to mid-February, reported Shipping Watch. This corresponds to 53 voyages. The 2M Alliance cut its Asia-northern Europe capacity by 29%, and THE Alliance reduced Asia-Europe sailings by 36%. Under normal circumstances, the number of ships on this route would be around 84, according to Analysts. However, this figure was reduced to 69 this year.