Sea freight – SL Europe Agency

The (currently unstoppable) decline in containerized ocean freight rates continues, both globally and, in particular, on the Asia-Europe trade. The latest updates just published by Drewry show that the World Container Index fell a further 6% this week, dropping to an average global freight rate of $2,119 (-59% compared to twelve months ago). This is the eleventh consecutive week of decline, and analysts expect a continued downward trend for the foreseeable future.

The instability in container ocean freight rates began after the announcement of US tariffs in April, which caused freight rates to rise from May until early June. From then on, rates plummeted until mid-July and continued to decline until this week.

Drewry notes that spot container rates on the transpacific trade have progressively declined: on the Shanghai-Los Angeles trade, the decline was 3% ($2,332/FEU) and 5% ($3,291/FEU) on the Shanghai-New York trade. Accelerated purchasing by U.S. receivers to avoid tariffs led to an earlier peak in the season, but this effect has subsided. Drewry expects rates on this trade route to continue declining in the coming weeks.

Asia-Europe spot rates also declined this week, with a 10% decline ($2,661/FEU) on the Shanghai-Rotterdam route and a 5% decline ($2,842/FEU) on the Shanghai-Genoa route; the latter is 57% lower than the same week last year and nearly $1,000 lower than the levels seen just three weeks ago ($3,084/FEU). Despite sustained demand and congestion in many European ports, growing vessel overcapacity has pushed down spot rates for containerized cargo shipping worldwide. Drewry therefore expects spot rates to decline further in the coming weeks.

The costs of container transport by sea continue to decrease, with a decline that is now affecting all the main global routes. The latest update of the Drawry Container Index shows a decrease of 13% in the last week for the composite index, for an average value of spot freight for shipping a 40-foot box of $4,168.

The decline markedly affects export routes from China. On the Shanghai - Genoa route, after the 12% collapse last week, a new decrease of 10% was recorded, with fares equal to 5,256 dollars, still 210% higher than those of a year ago. The decline in freight rates on the Shanghai - Rotterdam route is even more severe (-17%), which therefore return to levels lower than those towards the Mediterranean at 5,152 dollars.

The most marked decline, however, is that observed for exports from the Chinese port to New York (-21%), where rates fell by 1,790 dollars to 6,661 dollars in the space of seven days. In the direction of Los Angeles the decrease is less profound (-7%), but still impactful (around 400 dollars) for a final value of 5,627 dollars.

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The Red Sea crisis has begun to show its first effects on air shipments, and it has done so in a noticeable way.

Analysts at to that of the peak in 2023 (reached in October) as well as exceeding the share reached 12 months earlier by 16%. “This is usually the quietest period of the year, so seeing increases of this magnitude, with volumes higher than those seen at any point in 2023, is significant” commented Niall van de Wouw, head of the Air Freight area of society.

The route from Vietnam, he explained, is typically used for sending clothing, a sector which, according to evidence collected by Xeneta, is now resorting to this mode of transport due to the Red Sea crisis, although it could contribute to the leap also be the approach of the Lunar New Year holiday, which will fall on February 10th. At the same time, freight rates for the same route grew by 10%, a level which, according to analysts, could how

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While the freight rates of shipments continue to drop dramatically, the punctuality of container ships in world ports shows a marked improvement. The surveys of Sea-Intelligence, still relative in this case to last August, show that 46.2% of ships arrived on time in the month, a figure which shows an increase of 5.8 percentage points over July.At the same time, the average delay of the units that do not comply with the schedule is also in sharp decline and now stands at 5.86 days, or 0.57 less than in July. This is, highlights the analysis company, the first time since April 2021 in which this parameter drops below 6 days.

If the classification of the most punctual vectors still sees Maersk unchallenged in first place (53%), in the underlying positions and record new movements. In fact, Cma Cgm is now in second place (punctual in 46% of cases). Hamburg Sud, Msc, Cosco, Zim, Evergreen and Hmm follow in order, all ‘on time’ in 40% or more of the cases. In the interval between 30% and 40%, starting from the most precise, Hapag Lloyd, Oocl, One and Wan Hai, while the ranking is closed by Yang Ming (29.8%).
Of the 14 carriers present in the analysis, Sea-Intelligence finally notes, as many as 12 improved their performance to the previous one in August, all of which did so compared to the performance of a year earlier. Compared to August 2021, 11 carriers in particular recorded double-digit improvements and 3 even higher than 20 percentage points.

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