The Asia-North Europe rate slump received no respite after carriers abandoned the 1 Sept rate push and allowed rates to fall further as the SCFI rates dropped by 9.5% to $2,096/feu while the SCFIS fell by 11.7% in its sharpest weekly drop since February. Carriers’ reluctance to remove surplus capacity continues to be the bane of the market, with the limited Golden Week blank sailing program in early October a further sign the lack of discipline. Gemini carriers in particular will take out just
Asia-Europe freight rates continued to slide, with both the SCFI and SCFIS indices recording accelerated declines. Carriers have largely abandoned any hopes for a September rate push, and are shifting their attention to filling their ships and building up cargo roll pools ahead of the Golden Week holidays in October. Carriers have only themselves to blame for their current predicament given the total absence of capacity withdrawals necessary to arrest the declining freight rates. Their willingn
Asia-Europe freight rates have seen bigger slides in the past week with space constraints easing as peak season demand have passed. The port congestion in North Europe that has provided some rate supposed has also improved slightly with yard utilization starting to trend down from critical levels in Antwerp and at some of the terminals in Rotterdam. However, Med port congestion remains high especially at Valencia and Genoa. The Turkish ban on Israeli ships has affected Zim’s Med service, which
Rates to North Europe and Med have both dropped below $3,000/feu on the SCFI’s FEU assessment, with the pace of rate reductions accelerating as it becomes clear that the peak season is over. The extension of the US tariff pause on China has also reduced the pressure to shift part of the Chinese exports to Europe, which would have a negative detrimental impact on the European rates. The 90 day extension of the US tariffs on Chinese imports until 10 November has provided little relief to the fla
North Europe rates remain under pressure with spot rates dropping below $2,900/feu against the latest SCFI assessment of $3,234/feu. Carriers continue to slash rates after capacity utilization slipped in the past week. Average weekly capacity in August will be higher than July, with weeks 32-34 expected at over 350,000 teu per week. Gemini carriers continue to maintain a 100% sailing record on its North Europe network, with no blank sailings since April. While this approach has enabled Maersk
New SCFI rate assessments for 40’ containers are now available, with the assessments showing a steep decline in Med rates with FEU rates already falling behind North Europe. The removal of 9 SeaLead ships with an average capacity of 5,700 teu on the China-Med 5CX service will affect rates to the East Med and Black Sea as the service is focused on Egypt and Turkey but is not expected to impact rates to the West Med. North Europe rates also remain under pressure with several carriers offering sp
The gap between Asia-North Europe and Asia-Med rates have narrowed to the lowest levels since October last year, with Med rates under persistent pressure after dropping by 19% over the last 4 weeks. The SCFI assessment to the Med dropped by a further 4.4% last week while rates to North Europe were largely flat. Capacity utilization remains firm to North Europe but cracks are starting to show with spot rates creeping below $3,000 per feu, with further rate cuts expected in August as the summer p
Asia-North Europe rates have started to drop back after their recent rally, with capacity utilization rates dropping conspicuously in the past week. EC freight futures continue to trade haphazardly over the past week, reflecting the lack of clear market direction with strong initial gains giving way to doubts as spot rates are showing early signs of weakening. How long can carriers sustain the recent rate gains to North Europe remains the key question given the weakness that has already crept i
Asia-North Europe rates are enjoying a surprise revival, with carriers able to retain most of the early July gains. Spot rates are expected to remain firm in the next 2 weeks as capacity utilization remains very high and Maersk in particular was able to lift their spot rate quotations in a change of direction from their previous rate cuts. Congestion at European main ports remain high especially in Rotterdam and Antwerp but waiting times are starting to improve gradually Rates to the Med is how
There is no improvement in the port congestion in North Europe, with waiting times at Rotterdam and Antwerp extended up to 7 days, while berthing at Hamburg and Bremerhaven are delayed up to 3 days. Barge delays also remain severe with waiting times of up to 3 days, which has exacerbated the severe yard congestion situation. Spot rates to North Europe continue to edge upwards on rising utilization which edged higher as weekly capacity remained steady at 300,000 TEU for a third consecutive week,