International shipping and logistics market update - Week 41/2023
International logistics and container shipping market update on Asia, Europe and North America routes in the week of 41/2023.
International shipping and logistics market update - Week 41/2023
1. Asia - Northern America route
The freight rate from Asia to North America West Coast in the week 41/2023 decreased sharply to 1,784 USD/FEU, down 0.78% compared to the previous week and down 14.84% compared to the previous month, according to Xeneta data.
With weak demand and the impact of Golden Week in China, freight rates continue to trend downward. Capacity is expected to be cut by about 20-30% in October.
However, this decrease will be less than during the Lunar New Year (LNY). It is forecasted that in November the market will likely be better. Demand for export shipping from China just started to appear this week, bookings in the next 1-2 weeks will determine capacity for November.
Q4 forecast: Expect more no-shows, but overall capacity is similar to Q2/Q3 figures. Increased demand ahead of Lunar New Year is likely to begin in December.
Asia- US West Coast Freight rate | Week 41/2023 (Image: Phaata.com)
2. Asia - Northern Europe route:
The ocean freight from Asia to Northern Europe in the week of 41/2023 continued to decrease sharply to 976 USD/FEU, down 6.15% compared to the previous week and down 25.78% compared to the previous month, according to Xeneta data.
Market demand on the Asia-Northern Europe route has not yet shown positive signs. Carriers are planning another round of GRI from November 1, aiming to push market rates back up to cover operating costs.
The Ocean Alliance has announced five additional no-show plans for November, aimed at supporting carriers to successfully apply GRI.
On the Asia - Mediterranean route: In addition to the Northern Europe route, GRI is also expected to be applied to the Western Mediterranean route. Currently, the situation of oversupply on this route still occurs. It is expected that the market will decline further if the current blanked sailings do not bring positive results.
Asia-Northern Europe Freight rate | Week 41/2023 (Image: Phaata.com)
3. Northern America - Asia route:
The freight rates from North America (West Coast) to Asia in the week of 41/2023 increased sharply by 9.61% compared to the previous week, to 821 USD/FEU. This price increased by 4.06% compared to the previous month.
Overall demand remains weak and is forecast to last until the end of the first quarter of 2024. Fierce competition is taking place among carriers. Freight rates continue to be offered by shipping companies at attractive rates to fill ships while capacity is still surplus.
US West Coast - Asia Freight rate | Week 41/2023 (Image: Phaata.com)
4. Northern Europe-Asia route:
The freight rate from Northern Europe to Asia in the week of 41/2023 increased by 4.30% compared to the previous week, to 364 USD/FEU. This price decreased by 1.89% compared to the previous month.
Northern Europe - Asia Freight rate | Week 41/2023 (Image: Phaata.com)
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Read more:
- Relationship Between Global GDP and Container Demand
- Surge in Container Ship Orders Driven by Decarbonization Efforts
- Number of blanked sailings increased rapidly after China's Golden Week holiday
- Container freight rates to Europe and US continue to fall after Golden Week in China
- Hapag-Lloyd applies new GRI to services from Asia to Central and South America
- OOCL launches new intra-Asia service
- International shipping and logistics market update - Week 40/2023
Source: Phaata.com
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