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CCFI Commentary Issue 8, 2018

  Transport demand keeps stable but Rate Slips

    China export box transport market sees the whole demand keeps on the relatively high level but is weak to grow as the end of the shipment rush before the Spring Festival. Freight rate begins to decline, leading the comprehensive index falling. On Feb.9, Shanghai (Export) Containerized Freight Index (SCFI) issued by Shanghai Shipping Exchange (SSE) quotes 871.76 points, down by 1.3% from one week ago.

  In the Europe route, cargo volume keeps on the relatively high level, and the average slot utilization rate sustains above 95%, with some even 100%. However, as transport demand stops growing, spot rate is weak to increase and the booking rate in the spot market stabilizes. On Feb.9, freight rates in the routes from Shanghai to Europe and Mediterranean (covering seaborne surcharges) quote USD914/TEU and USD791/TEU, up by 0.2% and 0.8% from one week ago respectively.

  In the North America route, transport demand stays on the relatively high level but weak to grow, and the average slot utilization rate sustains around 95%. Some box liners add capacity input, leading spot rate slipping. On Feb.9, freight rates in the routes from Shanghai to USWC and USEC (covering seaborne surcharges) quote USD1486/FEU and USD2775/FEU,down by 4.3% and 2.4% from last week respectively.

  Transport demand grows repeatedly in the Persian Gulf route, where demand/supply condition keeps stable after some box liners taking measures to limit capacity, and the average slot utilization rate sustains above 90%. Nevertheless, as the end of shipment rush, freight rate starts to go south. On Feb.9, freight rate in the Shanghai-Persian Gulf route quotes USD573/TEU, a week-on-week slip of 6.2%.

  In the Australia/New Zealand route, transport market stabilizes and cargo volume stays on the relatively high level. However, part box liners add capacity input temporarily, which shakes demand/supply condition. The average slot utilization rate slips to 90%-95%, with spot rate declining. On Feb.9, freight rate in the Shanghai-Australia/New Zealand route quotes USD1314/TEU, down by 2.7% from one week ago.

  As the end of shipment rush before the Spring Festival, transport demand increases weakly in the South America route, where demand/supply condition keeps stable and the average slot utilization rate sustains around 95%. Spot rate begins to slip. On Feb.9, freight rate in the Shanghai-South America route (covering seaborne surcharges) quotes USD2562/TEU, a week-on-week decline of 0.9%.

  Cargo volume keeps stable in the Japan route, where spot rate grows slowly. On Feb.9, freight index in the China-Japan route quotes 727.24 points.

 
 
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