International shipping and logistics market update - Week 40/2023

 

1. Asia - Northern America route

 

The freight rate from Asia to North America West Coast in the week 40/2023 decreased sharply to 1,798 USD/FEU, down 5.12% compared to the previous week and down 17.45% compared to the previous month, according to Xeneta data.

Published sailing schedules are still expected to be implemented before Golden Week (October 1). Expect factories in China to close from September 23 to October 8.

With weak demand and the impact of Golden Week in China, rates continue to decline ahead of the Golden Week holiday. Capacity is expected to be cut by about 20-30% in October.

Typhoon Koinu is currently concentrated east of Southern Taiwan, China and is forecast to move west-northwest over the next few days. Starting October 4, ship delays are expected, especially in southern Taiwan, and there is the possibility of port closures in Kaohsiung. These delays/closures last until October 5 before conditions return to normal as the system continues to move west. As the typhoon moves westward through the Southern Taiwan Strait between October 5 and 7, ships vessels transiting north/south along East China could be impacted.

Asia- US West Coast Freight rate | Week 40/2023 (Image: Phaata.com)

 

2. Asia - Northern Europe route:

 

The ocean freight from Asia to Northern Europe in the week of 40/2023 continued to decrease sharply to 1,040 USD/FEU, down 6.81% compared to the previous week and down 25.82% compared to the previous month, according to Xeneta data.

With weak demand and the impact of Golden Week, rates continue to decline. The Ocean Alliance has announced plans to have five more sailings blanked in November, other alliances may announce their own cancellation plans, even suspending a few services during the remainder of the year.

On the Asia-Mediterranean route, market demand has weakened similarly to the Northern Europe route and there have been cancellation notices from all three alliances. Freight rates continue to fall and spot rates are being promoted for service to the Western Mediterranean.
 

Asia-Northern Europe Freight rate | Week 40/2023Asia-Northern Europe Freight rate | Week 40/2023 (Image: Phaata.com)

 

3. Northern America - Asia route:

 

The freight rates from North America (West Coast) to Asia in the week of 40/2023 decreased sharply by 5.43% compared to the previous week, down to 749 USD/FEU. This price decreased by 6.02% compared to the previous month.

Overall, demand remains weak and is forecasted to persist until the end of the first quarter of 2024. Freight rates continue to be attractive as shipping lines aim to fill vessels while capacity remains surplus.

 

US West Coast - Asia Freight rate | Week 40/2023US West Coast - Asia Freight rate | Week 40/2023 (Image: Phaata.com)

 

4. Northern Europe-Asia route:

 

The freight rate from Northern Europe to Asia in the week of 40/2023 decreased sharply by 6.18% compared to the previous week, down to 349 USD/FEU. This price decreased by 5.68% compared to the previous month.

 

Northern Europe - Asia Freight rate | Week 40/2023Northern Europe - Asia Freight rate | Week 40/2023 (Image: Phaata.com)

 

Find Freight rates here.
 
Find Logistics Companies here.

 

Read more:

 

Source: Phaata.com 

Phaata.com - Vietnam's First International Logistics Marketplace

► Connect Shippers & Logistics Companies Faster!