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Spot rates for Shanghai container exports fall on all routes

Freight rates for container exports from China continued to decline in the eight week of the year despite transportation capacity adjustments.

According to the Shanghai Shipping Exchange, the Shanghai Containerized Freight Index (SCFI), a measure for spot prices for container exports from Shanghai that do not include terminal handling charges (THCs), fell 2.9% to 946.68 points (SSE). For the seventh week in a row, the composite indicator has been falling.

On east-west trade lanes, spot rates for containers from Shanghai to Europe fell 3.1% to US$882 per TEU, which have trended down for seven weeks in a run, and to the Mediterranean, rates waned 1.7% to US$1,605 per TEU.

Average prices fell 3.1% to US$1,234 per FEU on the route to North America’s west coast, where they have been falling for four weeks in a row, and 4.2% to US$2,391 per FEU on the route to the east coast, where they have been falling for 38 weeks in a row.

According to Japan International Freight Forwarders Association (JIFFA), spot prices for containers from China to the Middle East Gulf on north-south lines fell 4.6% to US$1,029 per TEU. Remaining bearish for three straight weeks, they have managed to remain above the US$1,000-per-TEU level since September 2022.

Spot rates dropped 6.2% to US$346 per TEU for exports to Australia and New Zealand, which have been in the single digits since October and have fallen as low as those for cargoes to Japan. Container spot prices to South America remained steady with a marginal drop of 0.1% to US$1,507 per TEU. They have, however, stayed higher than pre-pandemic values since the beginning of the year, ranging between US$1,400 and US$1,500 per TEU. Spot prices for African shipments fell across the board.

Furthermore, spot prices in intra-Asian seas fell 1.5% to US$326 per TEU on the route to Japan’s Kansai region and 1.2% to US$336 per TEU on the route to Japan’s Kanto region. Container rates to Southeast Asia fell 3.7% to US$155 per TEU, while rates to South Korea fell 1.4% to US$208 per TEU.

Source: Container News


Box rates slip further on indices for 33rd consecutive week

The streak of red for ocean freight continues, with both the Drewry’s World Container Index (WCI) and the Shanghai Containerized Freight Index (SCFI), losing about 5.7-6% this week. While the WCI shaved off 6% to end at US$3,483, the SCFI which didn’t register a quote, the previous week, over the Chinese Golden Week, lost about 5.7% to end at US$1,814.

As rates fall for the 33rd consecutive week, with the extent of falls dictated by the East-West trades, of Asia-Europe and Asia-US, Ocean carriers who had capacity issues during the start of the year have been attempting to balance supply with demand to cushion the fall, and provide some sort of support. The cancellations across major trades though have been at 9%, lesser cancellations than what has been featuring over the past few weeks. (For a 4-week scenario).

The rates for China-US West Coast have been most affected with FBX having lost three-fourth of its value, over the year. Both the SCFI and the WCI themselves have lost over 75% of the gains from the onset of the pandemic.

Analysts at Drewry’s and the freight analyst fraternity, expect rate drops to continue. However, it must be noted the extent of the fall has softened after consecutive streaks of near 10% losses, on a weekly basis.

Source: Container News