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CCFI Commentary Issue 47, 2017

  Demand and Rate Slip

  As the end of traditional peak season, China export box transport market sees demand slip, and most freight rates decreases, which drags down the comprehensive index. On Nov.24, Shanghai (Export) Containerized Freight Index (SCFI) issued by Shanghai Shipping Exchange (SSE) quotes 705.19 points, down by 3.9% against one week ago.

  As Euro zone economy keeps stable, transport demand and the demand/supply condition perform firmly in the Europe route, where the average slot utilization rate sustains around 90% and spot rate rises. On Nov.24, freight rate in the Shanghai to Europe route (covering seaborne surcharges) quotes USD694/TEU, up by 0.7% comparing with one week ago. In the Mediterranean route, the market has a similar performance as that in the Europe route, but the demand/supply condition is weaker, with the average slot utilization rate remaining around 80% and spot rate sliding. On Nov.24, freight rate in the Shanghai-Mediterranean route (covering seaborne surcharges) quote USD593/TEU, a slight slip of 0.3% against one week ago.

  In the North America route, the fluctuated U.S. economy hits transport demand. As the end of traditional peak season, transport demand is too weak to grow, most box liners reduce freight rate to sustain market shares, leading spot rate declining largely. On Nov.24, freight rates in the routes from Shanghai to USWC and USEC (covering seaborne surcharges) quote USD1097/FEU and USD1681/FEU, falling by 12.2% and 6.7% from one week ago respectively.

  The Persian Gulf route sees the whole market and transport demand weak, despite part of box liners limit, capacity still over-supplied. The average slot utilization rate hovers between 75%-80%, with spot rate slip. On Nov.24, freight rate in the Shanghai-Persian Gulf/New Zealand route (covering seaborne surcharges) has a week-on-week downside of 2.2% to USD401/TEU.

  The Transport market goes well in the Australia/New Zealand air routes, where demand/supply condition improves as demand grows, and the average slot utilization rate remains above 95%, with some even full-loaded. Most box liners maintain the freight rate after rising, and spot rate ups and downs. On Nov.24, freight rate in the Shanghai-Australia/New Zealand route (covering seaborne surcharges) quotes USD1358/TEU, a slight slip of 2.4% from one week ago.

  Transport demand keeps unchanged in the South America route, where the average slot utilization rate remains around 95%. Some box liners carry out freight rate reduce measures to sustain market share, leading spot rate slip. On Nov.24, freight rate in the Shanghai-South America route (covering seaborne surcharges) quotes USD2613/TEU, down by 2.4% from one week ago.

  Both cargo volume and spot rate in the Japan route keep stable. On Nov.24, freight index in the China-Japan route quotes 684.14 points.

 
 
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