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CCFI Commentary Issue 25, 2017

  Demand Keeping Flat with Rate Slip

  China export box transport market sees demand flat, and freight rate in some routes continues to slip, leading the comprehensive index falling. On June 16, Shanghai Export Containerized Freight Index (SCFI) quotes 838.36 points, a decrease of 3.6% comparing with one week ago.

  Market participants are negative on the market, transport demand performs stable in the Europe route, where the average slot utilization rate leaving off Shanghai Port keeps about 90%. In order to ensure cargo volume, most box liners reduce freight rate slightly, leading spot rate sliding. On June 16, freight rate in the route from Shanghai to Europe (covering seaborne surcharges) quote USD880/TEU, down by 5.9% from one week ago. Transport demand keeps stable in the Mediterranean route, where the average slot utilization rate is around 90%-95%, and spot rate has a slight slip. On June 16, freight rate in the route from Shanghai to Mediterranean (covering seaborne surcharges) quote USD877/TEU, down by 3.0% from one week ago.

  In the North America route, transport demand has no increase, and demand/supply condition keeps unbalanced. The average slot utilization rate sustains around 90%. Most box liners try to hike freight rate, but for the lack of sufficient cargo volume, freight rate fails to keep stable. In order to guarantee loading rate, most box liners continues to reduce freight rate. On June 16, freight rates in the routes from Shanghai to USWC and USEC (covering seaborne surcharges) quote USD1146/FEU and USD2081/FEU, falling by 10.3% and 6.8% from one week ago respectively.

  In the Persian Gulf route, impacted by the traditional Ramadan in the destination, transport demand keeps firmed. Nevertheless, the average slot utilization rate in some services sustains on the high relatively level, and some box liners try to hike freight rate slightly, leading spot rate rising negatively. On June 16, freight rate in the Shanghai-Persian Gulf route (covering seaborne surcharges) quotes USD949/TEU, up by 3.6% from one week ago.

  Transport market sees demand strong in the South America route. As box liners are positive on the market, the average slot utilization rate in some services even full-loaded. Spurred by many favorable factors, spot rate continues to rise for three consecutive weeks and makes a fresh high record. On June 16, freight rate in the Shanghai-South America route (covering seaborne surcharges) quotes USD3460/TEU, a week-on-week increase of 1.1%, the highest record since the issue of SCFI.

  In the Japan route, transport market and spot rate keep stable. On June 16, freight rate in the China-Japan route (covering seaborne surcharges) quotes 673.20 points, almost in line with that one week ago.

 
 
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