Total 194 Posts
Transpacific carriers failed to hold on to their mid August rate increases and have given back part of their recent rate gains with spot rates falling back to the $1,800/feu level to the US West Coast compared to the latest SCFI assessment of $2,003/feu. Rates to the US East Coast were more resilient, with capacity reduced due to Panama Canal draft restrictions. Maersk has added 9 extra East Coast sailings since July but will be cutting back on these East Coast loaders which will be diverted to
After nearly 6 years of suspension, container freight futures are returning to the Shanghai market today. The turnover reached Rmb3.8bn ($500mn) in the first 30 minutes of trading, which is similar to the weekly freight revenue of the FE-NEUR route. source: BANDS FinancialThe product is now called Containerized Freight Index Futures (CoFIF). This product is being traded at INE (Shanghai International Energy Exchange), a subsidiary of Shanghai Future Exchange and is regulated by CSRC (China Sec
Carriers are holding firmly to the transpacific rate increases, with the West Coast rates staying above the $2,000/feu level to the US West Coast and $3,000/feu to the East Coast. Bookings remain strong on lower capacity available through August, but weakness is starting to show with the mid-August gains smaller than initially expected. Transpacific rates will receive another boost from the 1 September rate increase but further increases will be limited unless trade demand rebounds significant
SCFI rates breached the $2,000/feu level to the US West Coast and $3,000/feu to the East Coast for the first time since October 2022 and December 2022 respectively. Transpacific carriers will further extend their rate gains with the mid August rate increase almost certain to be pushed through successfully with bookings remaining very strong on lower capacity available through August. Capacity availability will pick up in September on both the WC and EC routes, which will test the carriers abi
Transpacific rates are holding steady after the 15 July rate increase, backed by the strong capacity utilization rates with bookings stretching out 3 to 4 weeks forward. Carriers are pushing ahead with the 1 Aug rate hike, which would bring rates to the US West Coast over $2,000/feu for the first time since October 2022. The rate rebound is expected to last through mid-August on the back of the strong vessel utilization with minimal capacity additions in the coming weeks. Asia-Europe rates we
Total container volumes handled at Russian ports rebounded sharply in the 2nd quarter of 2023 with a 33% yoy gain despite the ongoing sanctions against Russia. Far East gateway volumes through Vladivostok, Vostochny and Nakhodka grew by 39%, while volumes handled at the Black Sea gateway of Novorossiysk increased by 40%. Although the Baltic gateways of St Petersburg, Ust-Luga and Kaliningrad rebounded strongly by 25% compared to a year ago, total Baltic volumes remain at less than half of their
Transpacific carriers successfully pushed ahead with the 15 July rate increase, with rates soaring to a 9 month high of $1,771/feu to the West Coast, based on the latest SCFI assessment. The removal of Zim’s ZNP this week will be followed by THE Alliance’s suspension of the PS5 from August, along with the disruptions from the Canadian port strike have provided positive catalysts for the rate hike planned on 1 August. Carriers are capitalizing on the tighter space situation from the rise in bla
China PMI Export Order in June slipped to 46.4, denting hopes of a restocking led rebound in export cargo volumes with deeper declines expected. US retail data remains weak especially for home improvement retailers with inventory levels remaining elevated (Home Depot and Lowe’s). The main US grocery/department stores still struggle with high inventory levels, especially for Walmart whose inventory to sales ratio remain above its historical levels. Nike’s sales grew 5% YoY for the 3-month ended
Transpacific rates continued their decline over the past week, with carriers forced to undercut rates on both the West Coast and East Coast as capacity utilization levels are still dropping. There will be some capacity reductions over the coming weeks, with carriers expected to obtain a $200-300/feu rate increase in early July but the sustainability of the rate increase remains in doubt after the failure of the last 4 transpacific GRI attempts. Asia-Europe rates continued to slip despite relat
Transpacific rates have fallen to fresh lows with rates dropping to $1,100 to $1,150/feu to the West Coast which is below the SCFI assessment of $1,207/feu. Rates to the US East Coast rates took a larger tumble with rates set to drop below $2,000/feu compared to the current SCFI rate of $2,103. The resolution of the ILWU negotiations will put further pressure on transpacific freight rates as the threat of a peak season disruption to cargo flows into the US has been removed and with no pick up c