Container Shipping Rates Continue to Plummet

MarineLink.com
Wednesday, May 29, 2013
Market average for 20ft container from Shanghai to Rotterdam (Photo: Xeneta)

Due to overcapacity & economic turmoil in the market, the market index for 40ft containers has taken a massive dip, 44% from May 2012.

Xeneta, the price comparison service for sea freight, found that the average container freight rates from Asia to North-Europe continues to drop to $2,564 per 40-foot container and $1,341 per 20-foot. Due to overcapacity and various economic turmoil in the market, the market index for 40-foot has taken a massive dip with it being down 44 percent from May 2012.

Xeneta's global market index for sea freight has seen a consistent downward slope the past months since the general rate increase was released in March and April. The fall in ocean rates could be seen across several popular trade lanes in Asia-North Europe. For the Shanghai to Rotterdam trade route, average shipping prices for containerized freight was as low as $1,141 per 20-foot container and $1,978 per 40-foot. This is contradictory to what Drewry's market index proclaims, saying that the average per 40-foot in the same trade lane is at $1,335. Drewry's index is based on the rates collected from several freight sellers, whereas Xeneta collects actual data from a large member base of both freight buyers and sellers.

"Even though the market is dropping, there are still freight buyers that cannot keep up with the rapid fluctuations in the market, resulting in them overpaying on their routes. Xeneta reports that one of the best in class performers have a price under $1,200 per 40-foot from Shanghai to Rotterdam," saidPatrik Berglund, CEO of Xeneta. "That is why it's so incredibly important to benchmark your own prices against the market, and Xeneta is here to show you what you should be paying, instead of what you are paying."

Xeneta is on path to a global coverage of trade lanes, already covering 1,700 port pairs around the world and still growing swiftly. Among those trade lanes you can find several high-traffic ones like Hong Kong to Hamburg which operates at $1,998 per 40-foot and Singapore to Bremerhaven at $2,038 per 40-foot, last tracked May 23, 2013.

www.xeneta.com

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Asian Traders Unload Floating Gasoline as Market Flips

Gasoline shifted from tankers to landed storage or sold off; forward gasoline prices to flip to backwardation from July. The number of tankers storing gasoline

Bulgaria, Greece to Consider Greek LNG terminal

Bulgarian state energy holding company BEH and Greek natural gas company Gastrade have set up a joint task force to prepare a proposal to build an off-shore liquefied

Harding Sold to Palfinger

The PALFINGER Group has signed today the acquisition of 100 per cent of the shares in Herkules Harding Holding AS and thus, the globally operating Harding Group.

Finance

Baltic Index Up On Higher Capesize Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday helped by an increase in demand for capesize vessels.

Mothballed Vessels SE Asia Reflect Oil Slump Pain

Around 1,300 offshore support vessels lying idle worldwide. Not everyone in shipping is bemoaning the industry's worst crisis in living memory: a cluster of

Asian Traders Unload Floating Gasoline as Market Flips

Gasoline shifted from tankers to landed storage or sold off; forward gasoline prices to flip to backwardation from July. The number of tankers storing gasoline

Container Ships

New OPDR Service Links Spain with Northern Europe

OPDR introduces new service: CAVA offers connection between the Spanish east coast, northern Europe and Saint Petersburg    OPDR announced its new CAVA service,

Striking Port Workers Protest Greek Port Sales

Greek port workers walked off the job for a sixth day on Tuesday and marched through central Athens to protest the state-sanctioned selloff of the country's two largest ports,

CMA CGM Intends Offer to Acquire NOL

Following the satisfaction and waiver (as the case may be) of the conditions set forth in the pre-conditional offer announcement dated 7 December 2015, CMA CGM S.

Logistics

New OPDR Service Links Spain with Northern Europe

OPDR introduces new service: CAVA offers connection between the Spanish east coast, northern Europe and Saint Petersburg    OPDR announced its new CAVA service,

BIMCO President Speaks on Dry Bulk's Road to Recovery

“Scrapping ships and no new builds is the fastest road to recovery for the dry bulk market” BIMCO President Philippe Louis-Dreyfus comments on BIMCO’s latest market

Baltic Index Up On Higher Capesize Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday helped by an increase in demand for capesize vessels.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0927 sec (11 req/sec)