Spot Rate Slips Marginally
China export box transport market recovers from Chinese New Year holiday, with transport demand keeping firmed. Nevertheless, supply/demand condition faces press further owing to the too fast recovery of the whole market, leading the comprehensive index declined slightly. On Feb.24, Shanghai Containerized Freight Index (SCFI) issued by Shanghai Shipping Exchange quotes 815.10 points, tumbling by1.8% against one week ago.
The increasing economic indices representing that European economy is improving, which boosts consumption and transport demand. Transport demand is on the stable recovery trend in the Europe route, where demand/supply condition keeps unchanged, and the average slot utilization rate stands between 85%-90%.Owing to the growing cargo volume, spot rate stops declining to rise. On Feb.24, freight rates in the routes from Shanghai to Europe and Mediterranean (covering seaborne surcharges) quote USD921/TEU and USD882/TEU, growing by 7.3% and 4.5% respectively.
U.S. economy has a slower recovery, and transport demand performs stable in the North America route, where supply/demand condition faces press. Both the average slot utilization rates in the USWC and USEC routes keep at 90% about. As box liners still holding positive attitude towards post market, booking rate declines but less than that last week. On Feb.24, freight rates in the routes from Shanghai to USWC and USEC (covering seaborne surcharges) quote USD1650/FEU and USD3055/FEU, decreasing by 6.8% and 4.9% from one week ago respectively.
Cargo volume stops increasing in the Persian Gulf route, where the average slot utilization rate dives to around 850% for the slight oversupplied capacity. Spot rate continues to slip. On Feb.24, freight rate in the Shanghai-Persian Gulf route (covering seaborne surcharges) quotes USD527/TEU, falling by8.8% against one week ago.
Transport demand is vulnerable in the Australia/New Zealand route, where, as the recovery work of some vessels, the average slot utilization rate slips to below 80%. Spot rate declines continuously. On Feb.24, freight rate in the Shanghai-Australia/New Zealand route (covering seaborne surcharges) has a week-on-week decrease of 10.8% to USD510/TEU.
Transport demand keeps flat despite of the long holiday in the South America route, where supply/demand condition keeps stable and the average slot utilization rate rebounds to around 90%, with spot rate stopping falling to be stable. On Feb.24, freight rate in the Shanghai-South America route (covering seaborne surcharges) quotes USD1757TEU, almost in line with that one week ago.
Cargo volume rises in the Japan route, where spot rate keeps stable. On Feb.24, freight index in the China-Japan route quotes 656.39 points.