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CCFI Commentary Issue 38, 2017

  Demand Stable and Routes Performance Uneven

  China export box transport demand keeps stable as a whole, where different routes have uneven performance and the comprehensive index keep stable. On Sep.15, Shanghai Containerized Freight Index (SCFI) issued by Shanghai Shipping Exchange (SSE) quotes 774.6 points, almost in line with that last week.

  The unstable performance of economy in Euro zone hits transport demand in the Europe route, where cargo volume slides and the average slot utilization rate tumbles to around 90%. For the insufficient cargo volume, spot rate goes north depressively. On Sep.15, freight rate in the Shanghai-Europe route (covering seaborne surcharges) quotes USD769/TEU, down by 5.3% from last week. The market in the Mediterranean route has a similar performance as that in the Europe route, where the average slot utilization rate decreases to below 90%, with spot rate declining. On Sep.15, freight rate in the Shanghai-Mediterranean route (covering seaborne surcharges) has a week-on-week slip of 3.7% to USD730/TEU.

  The improving American economy supports local residents’ consumption and transport demand in the North America route, where cargo volume has a strong performance and demand/supply condition worsens. The average slot utilization rate in this route stands above 95%, with some even full-loaded. On Sep.15, freight indices in the routes from Shanghai to USWC and USEC (covering seaborne surcharges) issued by USD1586/FEU and USD2269/FEU, increasing by 7.7% and 1.7% from one week ago.

  As the ending of the traditional Ramadan, the whole market keeps flat in the Persian Gulf route, where transport demand keeps flat. Although part of box liners limit capacity, the demand/supply condition fails to improve and the average slot utilization rate hovers around 80%, with spot rate sliding continuously. On Sep.15, freight rate in the Shanghai-Persian Gulf route (covering seaborne surcharges) has a week-on-week decrease of 2.3% to USD420/TEU

  Transport market goes well in the Australia/New Zealand route, where demand keeps increasing. Simultaneously, part of box liners choose to cease service to limit the whole capacity size, demand/supply condition improves and the average slot utilization rate mounts to above 95%, leading spot rate increasing slightly. On Sep.15, freight rate in the Shanghai-Australia/New Zealand route quotes USD714/TEU, up by 1.1% from one week ago.

  Transport demand keeps on the relatively high level in the South America route, where demand/supply condition firms and the average slot utilization rate is around 90%. However, as freight rate stands on the relatively high level, most box liners carry out freight rate decrease plan to lock their market shares, consequently, spot rate slips continuously. On Sep.15, freight rate in the Shanghai-South America route (covering seaborne surcharges) has a week-on-week slip of 6.7% to USD2091/TEU.

  In the Japan route, cargo volume and spot rate keep stable. On Sep.15, freight index in the China-Japan route quotes 673.31 points.

 
 
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