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Freight rates are going up! Good price before the New Year! 2023 fear of price war!

2023-01-05 09:51

After falling for 27 straight weeks, freight rates finally stopped falling in the last week of 2022.

Freight rates rose for the first time in seven months

The Shanghai container freight index for export rose 0.46 points to 1,107.55, or 0.04 per cent for the week, according to the latest data released by the Shanghai HNA Exchange on December 30, snapping a streak of declines since June 10.

The main routes from the Far East to Europe and from the Far East to the United States rose. The SCFI index slowed to a monthly decline of 9.95 percent in December.

Far East to Europe rose $29 per TEU, or 2.76 percent, to $1,078.

The Far East to Mediterranean line dropped $46 per TEU, or 2.43 per cent, to $1,850.

The FEU rate for Far East to Western America rose by $5, or 0.35%, to $1,423.

The FEU rate on the Far East to Eastern United States line fell $29, or 0.94 percent, to $3,067.

The South American line (Santos) is priced at 1,433 dollars per TEU, down 137 yuan or 8.73 percent.

The rate for the Southeast Asia Line (Singapore) was 188 dollars per TEU, down 1 dollar or 0.53 percent on the week.

It is known that the SCFI index fluctuated at 800-1100 points between 2018 and 2019. Since 2020, affected by the epidemic, the shortage of workers and port congestion caused chaos in the global supply chain, the SCFI index has been rising all the way, and reached a historical high of 5109 points in the first quarter of 2022. However, freight rates have fallen for six months since the second half of 2022, indicating the end of the era of COVID-19 dividend.

The SCFI index is down more than 78 percent this year from its all-time high in early 2022, with declines of more than 82 percent in the Western U.S. and 86 percent in Europe.

Under the circumstance that the shipping company greatly reduced the combined shift, although the comprehensive rate increase surcharge (GRI) was not adjusted before the Lunar New Year, the spot market rate of the European route increased slightly due to the phenomenon of cabin bursting.

Forwarder practitioners pointed out that the current spot market freight rate of the US-Western route is stable at a low level. The freight rate of 1200-1350 per large box (40 feet container) has been stable, and some urgent goods can receive the freight rate of 1500 dollars; U.S. East line flat, about $2,700 - $2,900 per large case.

Mediterranean Shipping, Haberot, HMM, Japan Ocean Network Shipping (ONE) and other shipping companies have all informed that the current freight rate of the European line will be postponed, and the GRI of the American line will be postponed on January 15th. Other shipping companies have also given verbal notice. Therefore, the current freight rate will be maintained until January 14th. The industry estimates that January 15 should not make ultra - short - term adjustment.

The first half of 2023 is uncertain as market uncertainties remain high.

There are still more than ten days before the New Year, the freight may rise after the year, I hope you seize the time to ship, ship before the year, control costs, there is a need to book shipping customers please contact Hongdex!