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Container freight rates for long-term contracts increased by nearly 100% - Xeneta
Container freight rates under long-term contracts rose 7% in March, pushing freight rates up 96.7% year-on-year, according to Xeneta..jpg)
Container freight rates for long-term contracts increased by nearly 100%
The uptrend in freight rates is mainly due to a combination of persistent high demand, port congestion, equipment shortages and disruptions due to Covid-19, enabling carriers to enjoy huge profits in 2021.
Furthermore, in the past 18 months, only the two months of December 2021 and January 2022 have recorded a decline in global ocean freight rates, according to the latest Xeneta Shipping Index (XSI) Public Indices.
"Long-term rates are reaching all-time highs, and carriers are undoubtedly sitting pretty in contract negotiations, but there are signs that future adjustments may be edging onto the horizon," said Xeneta's CEO, Patrik Berglund. He pointed out that rates on the key Far East-Europe route are falling, with carriers such as Maersk and MSC announcing plans to blanked sailings to accommodate demand.
Additionally, the potential for an outbreak of Covid-19 in China, and the resulting lockdowns, could add to uncertainty and fluctuating demand, while port congestion in the US has shifted away from West Coast ports to East Coast ports and may increase in the second quarter.
"It’s a very complex picture," Berglund insisted. “It’s impossible to forecast with any certainty, making it all the more essential for stakeholders to avail themselves of the very latest market intelligence before entering contract negotiations,” he explains.
In Europe, freight rates for imported goods rose 7.7% in March, hitting a new all-time high and are now up 87.1% year-on-year, while export freight rates Exports rose 3.2%, representing a 72.5% increase from March 2021, according to Xeneta data.
Meanwhile, Far East import freight for the XSI rose 4.7%, bringing the index up 52.1% year-on-year, with exports showing its strength increasing 7.9%. This comparable rate is now up 92% compared to March 2021, with an increase recorded in 18 months of the last 24 months.
Freight rates in the US were similar, as import freight rates increased by 6.9%, offsetting a slight decrease reported in February and the index was 99.3% higher than the same period in 2021.
Growth in the export measure didn't keep pace, but still rose 1.4%, sending the index up 35.2% year-on-year, according to Xeneta data.
Read more:
- Freight rates of container shipping contracts expected to increase in 2022
- International container freight rates in 2022 'will be higher than ever before'
- Freight rates will begin to stabilize in mid-2022 - Aurelio Martínez, President of PAV
Source: Phaata.com (According to ContainerNews)
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