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There are reports of “sharp increases” in Asia-Europe container spot rates this week, as the fallout from the week-long Suez Canal blockage restricts both vessel and equipment capacity in Asia. Today’s Ningbo Containerized Freight Index (NCFI) North Europe and Mediterranean component jumped by 8.7%, almost matching the 8.6% increase on the Shanghai...
Maersk’s decision to “temporarily suspend” spot and short-term contract bookings from Asia following the Suez Canal blockage has left forwarders and NVOCCs scrambling for alternatives. The carrier said on Tuesday it estimated a loss of capacity across its network of up to 30% “over multiple weeks”, in addition to equipment shortages in...
Container spot rates from Asia may have eased slightly from their record highs, post-Chinese new year, but rates for backhaul and secondary trades continue to head north. According to today’s Freightos Baltic Index (FBX), the spot rate for North Europe is $7,684 per 40ft, down from more than $8,000 at the beginning...
Container spot rates from Asia to Europe remained virtually unchanged this week, despite softer demand, assisting carriers to lock-in shippers with huge contract rate hikes. On the transpacific, there was no let up in demand and BCOs are struggling to secure new deals with carriers. According to the Asia to North Europe component...
There are growing signs that the sky-high freight prices on the Asia-Europe trades may be beginning to structurally undermine it, as European importers begin to look for alternatives to sourcing from China. Keith Gaskin, group commercial director of Seko Logistics in the UK, said: “I am seeing importers in the UK and...
“Shippers shouldn’t let down their guards, just yet” – a phrase that could be true of any mode right now, but in this instance it refers to air freight. Bruce Chan, analyst for Stifel, warned shippers rates would remain inflated in air cargo, owing to “significant backlogs … in the entire freight...
Container spot rates from Asia to Europe and Asia to the US eased back further this week from their record highs. Nevertheless they are expected to stay at very elevated levels for some time. According to today’s reading of the Freightos Baltic Index (FBX), the rate for a 40ft from Asia to North...
Asia-North Europe container spot rates eased back slightly this week, as carriers ‘hoovered up’ stockpiled cargo accumulated before Chinese New Year. However, rates from Asia to the US increased again. Today’s reading of the Freightos Baltic Index (FBX) for a 40ft from Asia to North Europe was $8,308, compared with $8,430 a week...
Container freight and charter markets are continuing to boom post-Chinese New Year, and analysts expect favourable conditions for carriers and shipowners to last at least into the second half. “Unseasonal strength in container volumes and port congestion have buoyed freight markets, while in the time-charter markets, demand for vessels has outstripped wider...
Ocean carriers are determined to keep container spot rates at their highly elevated levels for as long as possible, as they look to lock in annual contract customers with rate increases of 100% or more. And with no sign of a spot rate decline following the beginning of Chinese New Year last...