Shipping freight rates on major commerce routes—Transpacific and Asia–Europe—are additionally trending downwards.
Drewry WCI dropped 7.94 per cent to $1,761 per FEU on September 25, marking its 15th consecutive weekly decline.
Rates fell sharply on Shanghai–Los Angeles and Shanghai–New York routes, whereas Asia–Europe lanes additionally weakened.
Carriers are slicing capability forward of China’s Golden Week manufacturing unit shutdowns.
Drewry forecasts further fee contractions as the provision–demand stability softens within the coming quarters.
Spot rates from Shanghai to Los Angeles fell 10 per cent to $2,311 per 40-foot container, whereas these from Shanghai to New York declined 8 per cent to $3,278 per 40-foot container. Despite a short uptick in early September, the momentum from GRIs and clean sailings has now subsided, leading to decrease rates. Freight rates for Rotterdam–Shanghai gained 1 per cent to $461 per FEU.
Asia–Europe spot rates fell once more this week, with rates down 9 per cent ($1,735 per 40-foot container) on Shanghai–Rotterdam and seven per cent ($1,990 per 40-foot container) on Shanghai–Genoa. Container transport prices declined 1 per cent every on Los Angeles–Shanghai to $716 per FEU and New York–Rotterdam to $842 per FEU. Rates for Rotterdam–New York fell 6 per cent to $1,819 per FEU.
Ocean carriers are lowering capability to match slowing demand forward of China’s Golden Week vacation, when factories will shut for eight days from October 1. As a consequence, freight rates are anticipated to proceed falling subsequent week.
Drewry’s Container Forecaster anticipates the provision–demand stability will weaken within the subsequent few quarters, resulting in further contraction in spot rates.
Fibre2Fashion News Desk (KUL)