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CCFI Commentary Issue 01, 2017

Cargo Volume Increased with Some Rates Rising

  Since market was still on the peak season before the Chinese Spring Festival, China export box transport market saw the whole demand hot, supply/demand condition is better, and some freight rates keep going north. On Jan.6, Shanghai (Export) Containerized Freight Index (SCFI) issued by Shanghai Shipping Exchange (SSE) quoted 968.40 points, up by 1.8% from one week ago.

  The recovering European economy spurred consumer consumption and the transport demand in the European route grow stably. Cargo volume performed well during the peak season before the Spring Festival, and the whole space was tightened, with some even full-loaded. Spot rate declined after growth previously but still on a relatively higher level. On Jan.6, freight rate in the Shanghai-Europe route (covering seaborne surcharges) quoted USD1116/TEU, down by 4.5% from one week ago. The Mediterranean route saw cargo volume and transport demand grow stably, supply/demand condition was stable, and the average slot utilization rate stood above 90%. Spot rate reduced somehow. On Jan.6, freight rate in the Shanghai-Mediterranean route (covering seaborne surcharges) had a week-on-week decrease of 4.1% to USD1042/TEU.

  Data from ISM showed that U.S. economy was on the way of stabilization, which spurred the transport market rising in the North America route. Both the average slot utilization rates in the USWC and USEC routes remained above 95%, with some even full-loaded. Spot rate continued to grow. On Jan.6, freight rates in the routes from Shanghai to USWC and USEC (covering seaborne surcharges) quoted USD2082/FEU and USD3133/FEU, up by 8.3% and 1.1% from last week.

  Transport demand kept hot during the peak season before the Holiday, and box liners carried on controlling capacity stiffly, finally, supply/demand condition improved in the Persian Gulf route, and the average slot utilization rate grew to 90% above. Part of box liners hiked freight rate, which pushed up the average booking rate largely. On Jan.6, freight rate in the Shanghai-Persian Gulf route (covering seaborne surcharges) quoted USD623/TEU, surging by 20.5% from one week ago.

  Cargo volume grew stably in the Australia route, where supply/demand condition performed well, and the average slot utilization rate remained around 90%. Spot rate decreased. On Jan.6, the freight rate in the Shanghai-Australia route (covering seaborne surcharges) had a week-on-week tumble slip of 9.2% to USD892/TEU.

  Transport demand kept rising during the peak season in the South America route, where box liners controlled the whole capacity size to stabilized supply/demand condition, and the average slot utilization rate stood around 90%. However, owing to the large growth of freight rate this week, spot rate began to decrease. On Jan.6, freight rate in the Shanghai-South America route (covering seaborne surcharges) quoted USD2707/TEU, down by 4.3% from one week ago.

 
 
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