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Tuesday, 30/08/2022, 13:40 (GMT +7)
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Container freight rates from Asia to the US continue to set a new decrease
The freight rate for a 40-foot container from China to the US West Coast has fallen below $5,000 for the first time since the spike caused by the Covid-19 pandemic, according to Shifl data.
Shifl's SHIFEX spot container freight rate index, shows positive information for US consumers as it has continuously declined over the past time.
More specifically, according to Shifl data, the shipping price for a 40-foot container (FEU) from China to the US West Coast has fallen below $5,000 for the first time since the spike caused by the Covid-19 pandemic.
Shipping a 40-foot container from China to Los Angeles and Long Beach will now average about $4,900 in September 2022, down 72% from a high of $17,500 in September 2021, according to the Shifl report.
“While spot rates continue to decline, they are still more than three times higher than they were prior to the pandemic. The rates are at levels far lower than at the beginning of 2022, when consumer demand was very high. The pace of this continued decline points to the market returning to some semblance of the new normal," commented Shabsie Levy, CEO and Founder of Shifl.
On the China-to-New York shipping route, year-over-year declines were also significant, but less severe than on the West Coast, with 40-foot container rates down 54% to an average of $8,900 over the same period last year with $19,500 in September 2021.
Rates from China to the US West and East Coast (Image: Shifl)
However, it should be noted that shipping lines were able to avoid the 23rd consecutive week of reductions in spot rates, raising their profit forecasts for 2022 thanks to a significant increase in contract rates negotiated in 2016. 2021.
“Contract rates are still 60% higher than last year,” pointed out Shifl.
Shipping lines like Maersk and ONE reported lower volumes in the second quarter as they focused on their long-term contracts. Representing 70% of container shipping, these contracts now drive revenue growth of more than 60% year-over-year.
“As the spot market rates continue to drop, carriers will be forced to renegotiate long-term contract rates that were set at the previous higher levels. Some customers have contracts that have built-in rider clauses pegging them with spot rates,” said Levy.
Read more:
- Cargo shifting from air to sea as freight rates dropped and problems improved
- Spot rates drop sharply on transpacific trade lanes
- Container spot rates are lower than long-term rates on the trans-Pacific route
- Shifl predicts freight rates to the US may decrease further
Source: Phaata.com (According to Shifl |ContainerNews)
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