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Freight rates start to fall? Several shipping companies cut freight rates...
Jul 09,2024
The newly released Shanghai Container Export Freight Index (SCFI) was released on the 5th. The index maintained an upward trend for the 13th consecutive week, but the increase slowed down significantly. This week it rose slightly to 3733.8 points, an increase of 19.48 points from last week, an increase of only 0.52.%.
It is worth noting that the European route has a correction, ending the previous nine consecutive weeks of upward trend, the market focused on whether the European line freight rate reached the top. At the same time, freight rates on the Persian Gulf, West Africa and South Africa routes have fallen significantly.
Although the overall trend has been adjusted,But the US-East route remains strong,The 40-foot container (FEU) freight rate is approaching the $10000 mark, setting a new high since late June 2022.
A number of companies cut US-West freight rates.
U.S. line: With the continued rise in freight rates and the introduction of new ships on the market, shipping market freight rates, as expected by the industry, began to show signs of loosening.
In response to this change, the industry giant Mediterranean Shipping issued a notice to customers on the evening of the 4th, announcing that it would extend the current freight rate to the end of this month, that is, the original plan to implement the US West and US East routes on July 15. The plan to increase the freight rate by US $1000 per 40-foot container was canceled.
At the same time, South Korea Sunro Merchant Shipping (SM LINE) also informed customers that the freight rate per FEU on the US-West route will be reduced from US $8100 to US $7500 with immediate effect.
During June, in response to market changes and demand growth, a number of shipping companies took active measures. Mediterranean Shipping Resumed MUSTANG Route from Asia to West America; Singapore SeaLeady launched a fast route connecting China and South Korea to West Long Beach in mid-June. COSCO Shipping also did not want to lag behind. On June 24, it launched the SEA3 US-West Express, which is optimized for cross-border e-commerce needs. The route runs with six container ships capable of carrying 8533TEU and passes through Kaohsiung, Xiamen and Yantian to Long Beach Port.
In addition, Dexiang Shipping has also decided to return to the US-West market. It plans to operate in the form of overtime ships in July and formally join the SeaLeady US-West Express in August to further consolidate its market position through the joint operation mode of joint shipping.
A number of freight forwarding companies pointed out that less than a week after the implementation of the price increase plan on July 1, many shipping companies such as Senluo Merchant Shipping reduced the freight rate on the western route of the United States. The main reason was that overtime ships and new routes appeared one after another. The increase in the freight rate of the eastern United States by Yangming Shipping was halved, only up 1000 US dollars. Whether it triggered other shipping companies to follow up remains to be seen.
On the European line: France's Dafei steamship seized the opportunity of the peak season in the third quarter and deployed seven medium-sized container ships of about 7000 TEUs to open up a temporary route between Asia and Europe.
The route originates from Asia and runs through the ports of Le Havre and Antwerp in Northern Europe, as well as key ports such as Foss and Malta in the Mediterranean.
The first ship is a container ship 6350 TEUs. It has successfully set sail from Yantian Port, China on June 30. It is expected that this route service will continue until the end of September.
According to Peter Sand, principal analyst at Xeneta, a Norwegian freight information platform, Europe's current GDP growth rate of 0.5 per cent does not match the "dramatic increase in freight volumes.
At the same time, people in the freight forwarding industry said that due to the tension in the Red Sea region of the Middle East, European importers generally advanced their procurement plans, and frequent strikes in France and Germany further disrupted the shipping order.
nevertheless, the industry generally believes that the current demand has not really reached the exuberant level,Therefore, it is expected that there is the possibility of a correction in freight rates at any time.
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