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Sea freight is going up again! The five major shipping companies have raised freight rates!
2024-08-09 10:09
According to industry sources, a number of major shipping companies around the world, including COSCO, Eastern Mediterranean Shipping (MSC), CMA CGM, Evergreen and Japan Marine Network Shipping (ONE), are planning to increase their freight rates on the West Coast and East Coast routes of the United States from August 15, with an expected increase of between 9% and 15%.
It is reported that in terms of specific adjustment details, several major container shipping companies have issued notices to customers, saying that they will increase freight rates by $1,000 each on the West and East US routes from August 15. However, it is worth noting that the freight rate announced by Maersk on its official website has not shown signs of rising until the end of this month, and the freight rate of non-shipping alliances has fallen to the range of $4500-4600, indicating that it is difficult to increase prices.
Although the container shipping market has recently shown a complex situation of long and short interweaving, the most direct embodiment is that the Shanghai Container Export Freight Index (SCFI) has declined for four consecutive weeks, with a monthly correction of as much as 10%, and it has fallen by 3.3% to 3332.67 points in the latest week. Specifically, the freight rate of the Far East to the West of the United States fell sharply by 6.3% to $6,425 per FEU, becoming the route with the largest decline among the four major indexes, mainly due to the large influx of small ships to intensify market competition.
At the same time, the freight rate from the Far East to the Eastern Mediterranean also fell by 5.2% to $4997/FEU, ranking second in decline. Although the freight rate has experienced a month-long correction, the shipping market is still facing a severe shortage of container sources and ships, given that SCFI has risen for 13 consecutive weeks and is currently in the traditional peak season for global container shipping. The large fluctuations in freight rates on the Far East-West route are partly due to the high rates on the route, which attracts small vessels to compete with operators on the near-sea route, which lowers the freight rate. In addition, the tension in the Middle East and the gradual recovery of cargo volume after mid-August are also key factors that prompted the five major carriers to decide to increase freight rates.
However, it is worth noting that despite the expectation of price increases, the current peak season of container shipping is relatively stable, and the capacity of the Panama Canal is gradually recovering, and it is expected to fully recover in September, which will drive the total capacity to 1.6 million TEU, posing further downward pressure on freight rates. The current situation of the market shows that freight rates are still at a high level. Compared with last year, the August freight rate data released by SCFI shows that the freight rate of the US West Line has risen from $2,002 to $6,245, and the US East Line has soared from $3,013 to $9,346, an increase of more than three times, showing a very high level of profitability.
However, shipping companies are concerned about the rapid decline in freight rates and are actively formulating price increase strategies to slow down this trend. Recently, the US East Line freight rate has fallen significantly, and industry analysts believe that this is mainly due to the increase in overtime services on the route by companies such as Eastern Mediterranean Shipping and CMA CGM Shipping Line and the introduction of preferential rate strategies. At the same time, the increase in the capacity of the Panama Canal and the acceleration of vessel turnover have also exacerbated the decline in freight rates.
In the face of this situation, European shipping companies are actively preparing for the price increase plan on August 15, while Asian shipping companies are more resolute, saying that even if the price increase is unsuccessful on August 15, the freight rate will be raised on September 1 to cope with the current rapid decline in freight rates.
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