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CCFI Commentary Issue 30, 2017

  

  Rate Falling but Demand Stable

  China export box transport market keeps well as a whole. However, as the present freight rate stands at the relatively high level, freight rates in most ocean-going routes decline slightly, leading the comprehensive index slip. On July 21, Shanghai Containerized (Export) Freight Index (SCFI) that is issued by Shanghai Shipping Exchange (SSE) quotes 837.42 points, falling by 2.8% against one week ago.

  European economy on the slower recovery space, but cargo volume keeps stable in the Europe route, where the average slot utilization rate hovers around 95%. Nevertheless, part of box liners take measures to reduce freight rate for the sake of market share, leading spot rate tumbling further. On July 21, freight rate in the Shanghai-Europe route (covering seaborne surcharges) quotes USD919/TEU, down by 2.1% from one week ago. The market in the Mediterranean route has a similar performance as that in the European route, and the average slot utilization rate is nearly 95%, leading spot rate declining. On July 21, freight rate in the Shanghai-Mediterranean route (covering seaborne surcharges) quotes USD852/TEU, down by 1.4% against one week ago.

  Transport demand keeps stable in the North America route. The average slot utilization rates in the USWC and USEC routes hover on the range of 90%-95%. Spot rate keeps slip. On July 21, freight rates in the routes from Shanghai to USWC and USEC (covering seaborne surcharges) quote USD1226/FEU and USD2233/FEU, falling by 3.1% and 0.8% from one week ago respectively.

  Transport demand has a flat performance in the Persian Gulf route, where demand/supply condition has not improved despite part of box liners limiting capacity. The average slot utilization rate is around 80%, leading spot rate falling. On July 21, freight rate in the Shanghai-Persian Gulf/New Zealand route (covering seaborne surcharges) has a week-on-week slip of 7.1% to USD717/TEU.

  Transport demand is flat in the Australia/New Zealand route, where the average slot utilization rate hovers around 85%, with spot rate hanging at the relatively low level. On July 21, freight rate in the Shanghai-Australia/New Zealand route quotes USD365/TEU, keeping in line with that one week ago.

  Transport demand stands at the relatively high level, and the whole capacity is limited effectively in the South America route, where demand/supply condition keeps well. However, spot rate had a large increase previously, but declines this week. On July 21, freight rate in the Shanghai-South America route (covering seaborne surcharges) has a week-on-week slip of 6.5% to USD3518/TEU.

  Cargo volume and spot rate keep stable in the Japan route. On July 21, freight index in the China-Japan route quotes 664.15 points.

 
 
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