International shipping and logistics market update - Week 10/2023

Phaata International shipping and logistics market update - Week 10/2023 (Photo: Phaata)

1. Asia - Northern America route

Rates have increased slightly again this week. Overall, delays and congestion have decreased but weekly empty sailings can take 30% of capacity off the market. Current capacity is still higher than expected container volume, which has led to the recent drop in freight rates.

- Freight rates: The freight rate from Asia to the West Coast of North America in the week of 10/2023 increased slightly to $1,265/FEU, equivalent to an increase of 0.4% compared to the previous week and a decrease of 6.71% compared to the last month, according to Xeneta data.

- Space: Available. Capacity is forecast to increase over the next few weeks and more blanked sailings are likely in the near term.

- Equipment: Available

Recommendation: Bookings should be booked at least 2 weeks in advance of the scheduled departure date (ETD). Shippers note flexibility in shipping plans when there are frequent blanked sailings recently.

Asia- US West Coast Freight rate | Week 10/2023 (Image: Phaata.com)

2. Asia - Northern Europe route:

Supply and demand are a bit more balanced this week. Demand for shipping has improved, but bookings for the next few weeks remain low. Rates are under pressure.

- Freight rates: The freight rates from Asia to Northern Europe in the week of 10/2023 continued to decrease to 1,476 USD/FEU, equivalent to a decrease of 1.93% compared to the previous week and a decrease of 11.78% compared to the previous month, according to Xeneta data.

- Space: Available, although affected by canceled sailings and delays. An average of 10-20% of ships are empty during the weeks of 11/12/13 to adjust for the reduced demand. It is expected that shipping lines will continue the same adjustment trend in March.

- Container equipment: Most are available.

Recommendation: Shippers should be flexible in planning their shipping when congestion and delays occur. In addition, shippers should also note that many blank sailings today.Asia-Northern Europe Freight rate | Week 10/2023 (Image: Phaata.com)

3. Northern America - Asia route:

Spaces are available on all of these route services. Supply capacity has outstripped demand and shipping lines are trying to find cargo to transport.

All services to the Asia Pacific (APAC) region have very low capacity utilization, with no space restrictions. Congestion has been cleared across most North American container yards thanks to improved operations due to less demand.

Forecast most of the existing load will be kept until the end of the first quarter and the beginning of the second quarter.

- Freight rate: Freight rates from North America (West Coast) to Asia in the week of 10/2023 increased by 0.68% compared to the previous week, to $1,034/FEU. This price increased by 0.58% compared to the previous month.

- Space: Stable for West Coast ports, and has improved in US East Coast ports.

- Empty container equipment: Container equipment is mostly available.

Recommendation: Shippers should make reservations 1-2 weeks before the estimated time departure (ETD) for direct services at major ports. Make reservations 2-3 weeks in advance for inland services in the US or transshipment services on this route.

US West Coast - Asia Freight rate | Week 10/2023 (Image: Phaata.com)

4. Northern Europe-Asia route:

- Freight rates: Freight rates from Northern Europe to Asia in the week of 10/2023 decreased by 4.68% compared to the previous week, to 591 USD/FEU. This price increased by 1.9% compared to the previous month.

- Container equipment: Most are available.

Recommendation: Shippers should take note of flexibility in their shipping planning when upcoming congestion and delays are expected.

Northern Europe - Asia Freight rate | Week 10/2023 (Image: Phaata.com)

Find Freight rates here.
 
Find Logistics Companies here.

Read more:

• Shipping lines will use many tools to cut supply - Former chairman of Evergreen and Yang Ming
• SITC profit growth 67% in 2022
• COSCO SHIPPING Teng Fei completes first car delivery voyage to Turkey
• CMA CGM reinvests nearly 90% of record profits achieved in 2022
• Evergreen continues to spend money to buy more containers

Source: Phaata.com 

Phaata.com - Vietnam's First Global Logistics Marketplace

► Find better Freight rates & Logistics services!