News / Hopes of a transpacific turnaround as Q1 numbers come in

© Sheila Fitzgerald

The downturn on the transpacific, compared with the pandemic-driven boom of the past two years, is palpable as ocean carriers start to post their Q1 results – but there are suggestions a rebound is imminent.

First-quarter preliminary results from US domestic and transpacific carrier Matson saw container volumes on its China service slump 35% on the previous year, as American consumers drastically cut back on discretionary spending.

Matson chairman and CEO Matt Cox said its retail customers had “continued to conservatively manage ...