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Saturday, 03/09/2022, 10:15 (GMT +7)
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Container freight rates continue to drop sharply on main routes
Spot rates on most major container shipping routes have fallen sharply year-on-year and are forecast to fall further in the next few weeks.
Shipping goods by containers
Recently, Drewry's meta-analysis of September 1 spot rates showed a 5% drop for the week, the 27th consecutive week of declines.
The Drewry index is 43 percent lower than it was at the same time last year at $5,662 for a 40-foot container, down 45 percent from its September 2021 peak but still 55 percent above the five-year average.
For Xeneta, the analyst said spot rates for the Mediterranean-US East Coast service have increased by $3,430 and for the Nordic-US East Coast service by $2,630/FEU since the end of August 2021.
Xeneta said that rates on Asia-Europe routes have decreased by $4,620/FEU, Asia-Mediterranean by $2,340 and Asia-West Coast services by $2,150. Xeneta added: “Almost every major trade has experienced a significant change in the spot rate compared to a year ago.”
Elsewhere, Xeneta noted no change in spot rates on the US-Asia West Coast service, stable at $1,250/FEU.
While analysts' methods may differ, both point to an overall decline in spot rates over the past year, but still above the long-term average.
Taking a closer look at the changes over the past week, Drewry recorded a 9% drop for the Shanghai - Los Angeles service to $5,562/FEU, a 5% drop for both routes Shanghai - Rotterdam and Shanghai - Genoa and a 3% discount on the route Shanghai - New York route. Particularly, Los Angeles - Shanghai route increased slightly by 1% to 1,262 USD/FEU.
“Drewry expects the index to decrease in the next few weeks,” it said.
Read more:
- Container freight rates from Asia to the US continue to set a new decrease
- Cargo shifting from air to sea as freight rates dropped and problems improved
Source: Phaata.com (According to SeatradeMaritimes)
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