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CCFI Commentary Issue 15, 2018

  Demand/supply and Freight Rate Keeping Stable

  In the week ending April 4, China export box transport market sees demand/condition keeps stable and cargo volume has a narrow growth. In order to lock market share, box liners have to adjust freight rate, causing freight rate fluctuates narrowly. On April 4, Shanghai (Export) Containerized Freight Index (SCFI) issued by Shanghai Shipping Exchange (SSE) quotes 654.17points, a week-on-week decrease of 0.7%.

  In the Europe route, the transport demand improves slowly but capacity increases somehow, with the average slot utilization rate around 90%. Most box liners carry out strategies to maintain freight rate, leading spot rate sliding. On April 4, freight rate in the routes from Shanghai to the Europe (covering seaborne surcharges) quotes USD617/TEU, falling by 2.5% from one week ago.

  In the Mediterranean route, demand/supply condition keeps stable relatively, and the average slot utilization rate is above 85%. On April 4, freight rate in the routes from Shanghai to the Mediterranean (covering seaborne surcharges) quotes USD616/TEU, almost in line with that one week ago.

  Cargo volume has a narrow growth in the North America route, where part of box liners take measures to limit capacity, and demand/supply condition keeps firm. The average slot utilization rate in the USWC is around 90%. Most box liners maintain freight rate, with spot rate keeping stable. On April 4, freight rates in the routes from Shanghai to USWC (covering seaborne surcharges) quotes USD1128/FEU, up by 0.1% from one week ago. In the USEC route, as transport demand stabilizes, the average slot utilization rate is above 95%, with some even full-loaded. Spot rate rising slightly. On April 4, freight rates in the routes from Shanghai to USEC (covering seaborne surcharges) quotes USD2150/FEU, up by 0.1% against last week.

  Transport market keeps flat in the Persian Gulf route, where demand has a slower improvement, capacity limit measures failing to improve demand/supply condition, causing the average slot utilization rate hovers at a relatively lower level. Spot rate slides continuously. On April 4, freight rate in the Shanghai-Persian Gulf route (covering seaborne surcharges) quotes USD311/TEU, tumbling by 2.5% comparing with one week ago.

  In the Australia/New Zealand route, transport demand is recovering, and the average slot utilization rate is70% -80% with demand/supply condition stable. Spot rate decreases slightly. On April 4, freight rate in the Shanghai-Australia/New Zealand route quotes USD883/TEU, falling by 1.2% against one week ago.

  Both transport demand and capacity increase in the South America route, where the average slot utilization rate is 80%-95%. As cargo volume grows slower than that of capacity, box liners have to reduce freight rate, leading spot rate slip depressively. On April 4, freight rate in the Shanghai-South America route (covering seaborne surcharges) has a week-on-week decrease of 3.0% to USD1707/TEU.

  In the Japan route, demand/supply condition and spot rate keep stable. On April 4, freight index in the China-Japan route quotes 728.24points, up by 0.8% from one week ago.

  

 
 
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