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European routes freight rate correction, U.S. routes remain strong
Jan 29,2024
After the freight rate of European routes soared nearly twice, the correction was revised. The latest SCFI container freight index showed that the freight rate of European and Mediterranean routes fell 5.58 and 4.03 respectively. Affected by this, the freight rate pushed up by the Red Sea crisis fell for the first time since its rise. SCFI ended its eight-point rise. The latest SCFI freight index released on the 27th fell 60.52 points to 2179.09 points, a weekly decline of 2.7.
In contrast, freight rates on U.S. routes remain firm. Freight rates per 40-foot counter from Shanghai to the U.S. East and U.S. West rose 2.13 percent and 2.41 percent, respectively, although the gains narrowed slightly. According to the freight forwarding industry, according to tradition, shipments will gradually decrease near the Asian Lunar New Year, and freight rates are expected to fall.
According to freight forwarding news, THE alliance has taken the lead in taking action on the 26th, announcing the suspension of the peak season surcharge of about 600 US dollars. This measure will be reflected in the quotation next week.
Specifically, the freight rates of European routes are affected by the Red Sea incident. Many container ships that detour will return to Asia in mid-February. Some carriers have begun to reduce their prices and stock up, preparing to carry them during the Chinese New Year and two to three weeks after the year. As supply increased, receiving prices on European routes began to decline after the year.
As freight rates on European routes have previously tripled, they fell slightly by 5.6 this week, which the industry believes is normal for the shipping market.
According to the latest freight index, the freight rate from the Far East to Europe is US $2,861 per TEU(20-foot cabinet), down US $169 or 5.6 per cent from the previous week. The freight rate from the Far East to the Mediterranean was US $3,903 per TEU, down US $164 or 4.0 per cent from the previous week.
Meanwhile, the North American route remains hot. Logistics industry insiders pointed out that the demand for the North American line is stronger than the industry expected, and the supply of ships is still tight. Since February, prices have risen, but only somewhat.
With the Lunar New Year approaching in Asia, many shippers are eager to ship in early February, and market volumes remain high. The average utilization rate of shipping space in Shanghai port is about 95%, some flights are fully loaded, and the quotations of airlines rise more or fall less.
Freight rates continued to strengthen this week, rising by 2%. Specifically, the freight rate from the Far East to the US West was US $4412 per FEU(40-foot cabinet), up US $92 or 2.1 percent from the previous week. The freight rate from the Far East to the US East was US $6,413 per FEU, up US $151 or 2.4 percent from the previous week.
Latest Deluri Freight Index
The latest Deluri WCI Composite Freight Index rose 5% this week to $3964 per 40-foot container, up 94% from the same period last year. The rise in all major routes has converged.
Freight rates from Shanghai to Los Angeles soared 13 percent, or $484 per 40-foot container, to $4344. This was followed by a 9% increase in freight rates from Shanghai to New York, or $499 per 40-foot box to $6143. Freight rates from Shanghai to Rotterdam and Shanghai to Genoa edged up 1% to $4984 and $6365 per 40-foot box, respectively.
Dreary expects spot rates to stabilize or decline in the coming weeks.
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