Logistics
Chinese spotrates: a decline, but not a free fall
Due to the introduction of new container ships and new shipping services, there is no longer a severe capacity shortage in some shipping lanes. As a result, shipping companies must compete more to fill their vessels.
This is particularly noticeable on the trans-Pacific route, where six new shipping services were launched in June and July. Last week, the average spot rate for transporting a 40-foot container from Shanghai to California dropped from $6,663 to $6,245 (-6.3%). In four weeks, these rates have decreased by nearly 23%. Exactly a year ago, spot freight rates were around $2,000.
North-Europe
Between the Far East and Northern Europe, spot freight rates are holding up better due to the long sailing distance around the Cape of Good Hope and congestion in some ports, which extend the turnaround time of the ships.
Last week, the average rate for a 40-foot container from Shanghai to Antwerp or Rotterdam fell by 1.7% to $9,814. This marks a 2.8% decline over three weeks. However, freight prices remain significantly higher than the $1,900/FEU seen in early August 2023.
Analisten verwachten dat zolang het piekseizoen duurt (tot de Chinese Golden Week van begin oktober 2024) en zolang er congestieproblemen zijn, de spotvrachten wellicht nog wat zullen eroderen, maar niet in vrije val komen.
Source: Flows
