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CCFI Commentary Issue 14, 2018

  Demand Recovers with Rates ups and downs

  In the week ending March 30, China export box transport market sees the whole demand slip but capacity supply increasing, which makes demand/supply condition improving slightly. Freight rate in most routes performs uneven. On March 23, Shanghai (Export) Containerized Freight Index (SCFI) issued by Shanghai Shipping Exchange (SSE) quotes 658.68 points, a week-on-week increase of 1.9%.

  In the Europe route, the transport demand improves but slower than the increase of capacity. The average slot utilization rate in the Europe route is around 85%, and that in the Mediterranean route is below 80%. In terms of freight rate, as alliances are going to upgrade capacities, most box liners hole negative attitude towards the post market. As a result, box liners reduce freight rate largely, leading spot rate decreasing fast. On March 30, freight rate in the routes from Shanghai to the Europe (covering seaborne surcharges) quotes USD633/TEU, falling by 10.1% from one week ago. Freight rate in the routes from Shanghai to the Mediterranean (covering seaborne surcharges) quotes USD615/TEU, falling by 5.4% from one week ago.

  In the North America route, cargo volume is growing, but alliances also plan to launch capacity. Both the average slot utilization rates in the USWC and USEC are around 90%. In terms of freight rate, box liners announce to collect GRI, which hikes freight rate and spot rate. On March.30, freight rates in the routes from Shanghai to USWC and USEC (covering seaborne surcharges) quote USD1127/FEU and USD2148/FEU, rising by 19.3% and 11.1%from one week ago respectively.

  Transport demand keeps flat in the Persian Gulf route, where the average slot utilization rate is 60%-70%, with spot rate slides continuously. On March 30, freight rate in the Shanghai-Persian Gulf route (covering seaborne surcharges) quotes USD319/TEU, tumbling by 10.1% comparing with one week ago.

  In the Australia/New Zealand route, transport demand and capacity recover slowly, and the average slot utilization rate is between 60% and 80%. Spot rate keeps in line with last week. On March 30, freight rate in the Shanghai-Australia/New Zealand route quotes USD894/TEU, down by 0.3% against one week ago.

  Capacity and cargo volume is recovering in the South America route, where the average slot utilization rate is around 80%-90% and spot rate slips depressively. On March 30, freight rate in the Shanghai-South America route (covering seaborne surcharges) has a week-on-week decrease of 7.6% to USD1759/TEU.

  In the Japan route, demand/supply condition and spot rate keep stable. On March 30, freight index in the China-Japan route quotes 722.65points, down by 1.3% from one week ago.

  

 
 
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