Demand Rose with Index Stable
In the week ending Dec.23, China export box transport demand rose firmly. As the shipment rush before the Chinese Festival holiday in the ocean-going routes, cargo volume grew and the comprehensive index stabilized. On Dec.23, Shanghai (Export) Containerized Freight Index (SCFI) issued by Shanghai Shipping Exchange quoted 824.00 points, almost in line with that one week ago.
In the Euro Zone, consumption demand was on the recovery trend, which boosted transport demand in the Europe route. Owing to most box liners reinforced to control capacity since from Q4, space supply shrank and demand/supply condition improved. Both the average slot utilization rates in the Europe and Mediterranean rebounded to be 95% and 90%, with some even full-loaded. Spot rate rose continuously. On Dec.23, freight rates in the routes from Shanghai to Europe and Mediterranean (covering seaborne surcharges) quoted USD1049 /TEU and USD963 /TEU，up by 4.3% and 1.7% against one week ago.
As the approach of Chinese Spring Festival, most of domestic factors fast shipment space, which boosted transport demand in the USWC and USEC routes. The average slot utilization rate in the USWC route was around 95% and that in the USEC route bypassed 95%, with some even full-loaded. Some box liners planed to add route, and market was anticipated to be cool, spot rate declined, but still higher than previous level. On Dec.23, freight rate in the routes from Shanghai to USWC and USEC (covering seaborne surcharges quoted USD1541 /FEU and USD2613 /FEU, falling by 4.2% and 0.5% from last week.
Cargo volume performed flat in the Persian Gulf route. In order to retrieve the unbalanced demand/supply condition, most box liners further to limit capacity, and the average slot utilization rate recovered to around 90%. As a result, spot rate stopped slip and began to be firm. On Dec.23, freight rate in the Shanghai-Persian Gulf route (covering seaborne surcharges) quoted USD495/TEU, almost in line with that one week ago.
The Australia/New Zealand route saw shipment rush and the cargo volume rebounding. Box liners reinforced service ceasing measures, and the average slot utilization rate rose to above 90%, with spot rate arising. On Dec.23, freight rate in the Shanghai-Australia route (covering seaborne surcharges) quoted USD747/TEU, up by 3.7% from one week ago.
Transport demand in the South America route rebounded, but overwhelmed by the excess of capacity. In order to guarantee cargo volume, box liners continued to reduce freight rate, leading spot rate tumbling. On Dec.23, freight rate in the Shanghai-South America route (covering seaborne surcharges) quoted USD1757/TEU, down by 3.2% from one week ago.