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CCFI Commentary Issue 11, 2018

  

  Freight rate Slips

  In the week ending March 9, China export box transport market sees the whole demand improving, and cargo volume is insufficient. Box liners take measure to limit capacity, but the average slot utilization rate still at the relatively low level, leading spot booking rate tumbling. On March 9, Shanghai (Export) Containerized Freight Index (SCFI) issued by Shanghai Shipping Exchange (SSE) quotes 729.49 points, falling by 5.6% from one week ago.

  The transport market in the Europe route recovers slowly. Box liners continue to control capacity, and the average slot utilization rate in some services grows to 80%-90%.Freigth rate keeps stable in a whole, but spot booking rate slips. On March 9, freight rates in the routes from Shanghai to the Europe and Mediterranean (covering seaborne surcharges) quote USD791/TEU and USD701/TEU, down by 4.4% and 2.8% from last week.

  In the North America route, cargo volume is insufficient seriously, and the demand/supply condition keeps weak. The average slot utilization rates in the USWC and USEC are 70%-90% and 80%-85% respectively. In order to attract cargo owners, Box liners reduce freight rate positively, leading spot rate tumbling. On March.9, freight rates in the routes from Shanghai to USWC and USEC (covering seaborne surcharges) quote USD1143/FEU and USD2181/FEU, down by 8.7% and 8.2%from one week ago respectively.

  Transport demand is still flat in the Persian Gulf route, where the average slot utilization rate grows somehow. Most box liners reduce freight rate, leading spot rate tumbling forcefully as one week ago. On March 9, freight rate in the Shanghai-Persian Gulf route (covering seaborne surcharges) quotes USD427/TEU, tumbling by 8.2% comparing with one week ago.

  In the Australia/New Zealand route, transport demand recovers slowly as the end of the Spring Festival Holiday. Despite some box liners limiting capacity, the average slot utilization rate is between 60% and 80%. As the gap between demand and supply extends, box liners reduce freight rate fiercely, leading spot rate tumbling. On March 9, freight rate in the Shanghai-Australia/New Zealand route quotes USD1003/TEU, falling by 11.7% against one week ago.

  In the South America route, transport demand recovers, and the average slot utilization rate improves, with some approaching 90%. Spot rate grows. On March 9, freight rate in the Shanghai-South America route (covering seaborne surcharges) has a week-on-week increase of 3.6% to USD2391/TEU.

  In the South Africa route, transport demand and demand/supply condition are weak, leading spot rate sliding. On March 9, freight rate in the Shanghai-South Africa route (covering seaborne surcharges) has a week-on-week slip of 6.3% to USD1172/TEU.

  Spot rate in the Japan route slips slightly. On March.9, freight index in the China-Japan route quotes 701.91 points, down by 1.9% from one week ago.

 
 
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