Asia to Northern Europe shipping freight rates for transporting containers jumped by 177.3 percent to $1.109 per 20-foot container (TEU) in the week ended on Friday, reports Reuters, quoting data from the Shanghai Shipping Exchange. As all major container shipping lines implemented a price hike announced earlier, the freight rates rose nearly three-fold. Freight rates on the world’s busiest shipping route have tanked this year due to overcapacity in available vessels and sluggish demand in goods to be transported. Rates generally deemed profitable for shipping companies on the route are at about $800-$1,000 per TEU. Maersk Line attempted to lift freight rates by $1,000 from Aug. 1. It controls around one fifth of all transported containers from Asia to Europe. In the week to Friday, container freight rates rose by 178.4 percent from Asia to ports in the Mediterranean, by 43.1 percent to ports on the U.S. West Coast and were up 20.2 percent to ports on the U.S. East Coast.
Ocean carriers were unable to increase freight rates between the Mediterranean and North America from November to January due to continuing poor vessel utilisation and the approaching threat of P3, according to the latest edition of Drewry's Container Insight Weekly. Westbound According to Drewry’s Container Freight Rate Insight, the average all-in freight rate quoted to forwarders for spot cargo from Genoa to New York remained a poor $1,950/40ft throughout.
Half of all index-linked contracts filed with the US Federal Maritime Commission reference Drewry’s Container Freight Rate Insight pricing benchmarks. Drewry Maritime Research’s container freight rate benchmarks are the index of choice in index-linked container contracts, according to the US Federal Maritime Commission (FMC). The agency also indicated that uptake of index-linked container contracts on US trades was fast growing
Wells Fargo Securities says that headwinds face global shipping industry and the continued overcapacity means freight rate gains are less likely to stick. "Given the continued overcapacity headwinds and easing containerized trade demand, we believe these freight rate gains are less likely to stick, and we expect rates to remain under pressure as we approach the slack winter season, particularly following a muted peak season," says a report from Wells Fargo Securities
Freight rates for shipping containers from Asia to northern Europe fell 10 percent to $233 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters. It was the fifth consecutive week of falling freight rates on the world's busiest route. Rates are at their lowest since June 19, and widely seen as at loss-making levels. Rates dropped 20 percent from Asia to ports in the Mediterranean
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 23 percent to $342 per 20-foot container (TEU) in the week ended on Friday, a source with access to Shanghai Containerized Freight Index data told Reuters. Freight rates on the world's busiest trade route are now at the lowest level since the index began in 2009 and have more than halved this month. Overcapacity of vessels and sluggish trade are behind the fall.
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 13.1 percent to $636 per 20-foot container (TEU) in the week ended on Friday, a source with access to data from the Shanghai Containerized Freight Index told Reuters. The shipping industry has been battling overcapacity linked to a glut of new vessels ordered during a boom period before the global financial crisis of 2007-2009.
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 13.9 percent to $469 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters. It was the fourth consecutive week of falling freight rates on the world's busiest route, and the current level is widely seen as loss-making to shipping companies.
Drewry Maritime Research says it is hosting a free webinar for supply chain professionals to explain recent trends in ocean & air freight rates and provide an outlook for the future. The webinar presentation will examine and explain: Recent ocean & air freight rate trends on Global trades Economic drivers Drewry's outlook for freight rates The event will be hosted by Simon Heaney, Senior Manager, and Philip Damas
Dry Bulk Shipping: All eyes on Brazilian iron ore exports, as we await the long-anticipated lift in freight rates. Demand The freight market, which performed so well in Q1, has certainly not delivered in the past four months. BDI has dropped from 1,621 on March 20 to hit 747 on July 29. Panamax ships have not been above $10,000 per day since February 20, but below $5,000 per day for most of June and July. BIMCO expected challenging market conditions, also for Panamaxes, but rates below $4
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Record low freight rates have driven the World’s largest container carrier Maersk Line to report a second-quarter loss of US$151 million. The second quarter result and revenue both fall year-on-year as average freight rates hit record low levels
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