International shipping and logistics market update - Week 34/2023

International shipping and logistics market update - Week 34/2023

1. Asia - Northern America route

The freight rate from Asia to North America West Coast in the week 34/2023 continued to increase slightly to USD 2,148/FEU, up 0.37% compared to the previous week and up 19.60% compared to the previous month, according to Xeneta data.

Rain from Hurricane Hilary closed the main Union Pacific and BNSF rail line between Southern California and Texas. Railroads are expected to resume service on August 25, but shippers should anticipate possible delays until rail operations return to normal.

Asia- US West Coast Freight rate | Week 34/2023 (Image: Phaata.com)

2. Asia - Northern Europe route:

The ocean freight from Asia to Northern Europe in the week of 34/2023 fell sharply to $1,576/FEU, down 6.75% from the previous week and up 32.77% from the previous month, according to Xeneta data.

Demand remains steady - high inflation, high inventories, rising energy costs and political uncertainty are still impacting demand on the European side. Carriers are aiming to apply GRI in September, and more blank sailings and schedule adjustments have also been announced for next month.

Asia-Northern Europe Freight rate | Week 34/2023 (Image: Phaata.com)

3. Northern America - Asia route:

The freight rates from North America (West Coast) to Asia in the week of 34/2023 increased slightly by 1.40% compared to the previous week, to 799 USD/FEU. This price decreased by 9.92% compared to the previous month.

Overall demand remains weak and is forecast to last until the end of Q1 2024. Rates continue to be offered by carriers at attractive levels to fill vessels while capacity remains redundant.

US West Coast - Asia Freight rate | Week 34/2023 (Image: Phaata.com)

4. Northern Europe-Asia route:

The freight rate from Northern Europe to Asia in the week of 34/2023 decreased slightly by 1.50% compared to the previous week, to 394 USD/FEU. This price decreased by 0.51% compared to the previous month.

Northern Europe - Asia Freight rate | Week 34/2023 (Image: Phaata.com)

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Read more:

• Container volume at Port of Oakland surges in July
• OOCL's revenue falls 63% in second quarter
• Port of Houston reports record container volumes in July
• SITC reports a 44.5% drop in revenue in the first half of the year
• RCL upgrades shipping service from Southeast Asia to West Asia and Middle East
• International shipping and logistics market update - Week 33/2023

Source: Phaata.com 

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