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South America is caught in the rush to grab cabinets! The freight rate soared above $10,000! No matter how high the freight rate is, there is no space, and it will be full before the end of June

2024-05-14 09:20

After the May Day holiday, there was a significant surge in customer demand in the container shipping market. Some customers urgently sent 700-800 additional containers from China to South America to shipping companies, and there was still no space. According to reports, due to the shortage of space, the shipping company informed the customer that the contract that has been signed this year will be renegotiated, otherwise there will be no space, and the supply and demand roles of buyers and sellers will be reversed.

This sudden increase in demand came as a surprise to industry insiders, and it was very different from the market situation before the May Day holiday. Specifically, last week, customers rushed to get 700-800 container space to South America for loading electronic goods such as LCD TVs, and this strong demand for chasing goods drove the spot freight rate of 40ft containers soared to more than $10,000.

According to industry insiders, the current shipping space to South America is full before the end of June, and customers want 700-800 containers, even if they are willing to pay a higher price, there is no space. It is expected that freight rates will continue to rise this week.

Analysts believe that this surge in demand may be related to the low inventory level of consumer electronics, while the stability of Argentina's political economy has also brought certain positive factors to the market. In addition, May-June is the peak season for South American exports of fruits and other agricultural products to Asia, but the flow of goods from China to South America is relatively flat under normal circumstances, and now customers are rushing to ship, indicating a shift in market demand.

Judging from the data on the 10th, the container freight index (SCFI) released by the Shanghai Aviation Exchange shows that the container freight rate of the Far East to South America route has risen sharply. Among them, the freight rate of 20-foot containers is 5,461 US dollars, and the freight rate of 40-foot containers is 10,922 US dollars, with a weekly increase of 18.13%, a strong increase for several consecutive weeks. It also reflects the recovery of market demand and the tightness of supply to a certain extent.

Industry insiders said that the sudden surge in demand in Europe, North America and South America is completely different from before the May Day holiday, and the speed and pace of change are very amazing. Due to the strong market demand, customers have been informed that contracts signed this year will need to be renegotiated, otherwise space will not be available, and the supply and demand roles of buyers and sellers in the container shipping market will change this year.
At the same time, the manufacturing purchasing managers' index (PMI) for April released by the National Bureau of Statistics on April 30 showed that although it fell by 0.4 to 50.4 from March, it was still in the expansion range for two consecutive months and was better than market expectations of 50.3. This shows that exports have begun to pick up, further confirming the trend of container shipping market demand.

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