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Freight rates continue to rise! South America, West Africa and South Africa soared by more than 20%, while the United States, East and West rose by another 1%.
May 20,2024
Specifically, freight rates on European and Mediterranean routes rose by 6.31 per cent and 1.07 per cent, respectively, while those on the US-West and US-East routes rose more significantly, by 14.39 per cent and 8.34 per cent, respectively.The most ferocious increases were on the South American, South African and West African routes,Freight rates rose by 22.4 per cent, 22.25 per cent and 26.65 per cent, respectively.
In-depth analysis of the current maritime market, freight forwarding industry insiders pointed out that the impact of geopolitical tensions in the Middle East and ship detours (up to now nearly 3400 ships have been forced to change routes), resulting in a decline in turnover. Initially,Ships tend to choose high freight routes, however, this crowding-out effect makes the freight rates of other routes also rise.At the same time,Shipments in Europe and the United States exceeded expectations. In addition to the need to replenish inventory, geopolitical and other uncertain factors may also prompt customers to increase safety inventory and ship ahead of schedule. These factors have jointly promoted the increase in freight rates.
On the other hand, the recent focus of the market also includes the strike of Canadian railway workers. The Canadian National Railway Company and the Canadian Pacific Kansas City Railway Company voted to support the strike after failing to reach a new contract agreement,Action is expected as soon as possible on the 22nd, which will be the largest strike in Canadian history.
Freight industry insiders roughly estimate that although the volume of Canadian goods is not large, the strike may affect the import and export of goods from the United States through railway lines such as IPI and RIPI. Some of the cargo may be diverted to import ports in the southwestern and eastern United States, which will increase shipping pressure. In response to this change,Shipping companies, including Maersk, have notified that they will optimize the North American West Coast port, using the Port of Tacoma as a temporary port of call for the U.S. Import/Export Railway for the next four voyages to ease shipping pressure.
The impact of tensions in the Red Sea on global shipping trade is continuing to expand, with the current imbalance between supply and demand in the shipping market and a surge in global freight rates. Among them, the European line shipping prices soared, May 16, the European line futures prices rose to a 4321.9 high, once again hit a new high since the listing, the highest increase of 218 in the year.
The head of a large-scale freight forwarding enterprise in the Yangtze River Delta said that a large number of containers were "wandering outside". At present, there is a serious shortage of containers in domestic ports, and there is a situation of "one cabin is difficult to find". The shipping space at the end of May is basically gone, and now there is only demand and no supply. A logistics company in Shenzhen said that the shortage of containers spread from Ningbo Port to Shanghai Port at the beginning, and now all major ports are in short supply.
The backlog of goods exports is quite serious, I am afraid to affect subsequent orders. industry insiders said,At present, freight rates continue to rise. At present, it is difficult to find a cabin, demand is too strong, supply and demand are seriously unbalanced, coupled with the Red Sea crisis, port plug and other problems, freight rates are likely to rise again.
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