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Tuesday, 17/09/2024, 12:21 (GMT +7)
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Container rates post biggest weekly drop since May 2020
The Drewry World Container Index (WCI) posted its biggest weekly percentage drop since May 2020 at $4,168, down more than 13% on the week.
Rates were led by China-US East Coast rates which recorded a 21% decline in rates as market sentiment around the possibility of upcoming ILA strikes on the US East Coast and Gulf Coast has dampened demand in the region.
As a result, while US West Coast demand is expected to increase if strikes occur and the East Coast is shut down, Asia-US West Coast rates are also forecast to trend down by 7%.
Freight rates from Asia to Europe and the Mediterranean have continued their downward trend, with both now falling below spot rates from Asia to the US West Coast for the first time in three and nine months respectively, following a breakout due to early demand and the Red Sea disruption of the Suez Canal.
The WCI is now just 2.56% above $4,064 – the average since the Red Sea crisis began – and has also lost nearly 30% since its recent high of $5,937 in the second half of July 2024.
Other indices have followed this trend, with the Shanghai Container Freight Index (SCFI) falling to a four-month low. Some analysts expect prices to fall if the ILA strikes are implemented, with West Coast rates remaining flat.
The anticipated upcoming ILA strike on the US East Coast and Gulf Coast, which will begin impacting on October 1, could also impact transatlantic volumes from Europe. The Canadian East Coast and Mexico will serve as alternatives to the US East Coast and Gulf. With peak demand largely met and the holiday season approaching, the potential for volume disruptions is less, although spillover to bulk and air freight is possible.
Source: Phaata.com (via Container-News)
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