International shipping and logistics market update - Week 35/2023

International shipping and logistics market update - Week 35/2023

1. Asia - Northern America route

The freight rate from Asia to North America West Coast in the week 35/2023 have decreased slightly to 2,140 USD/FEU, down 0.42% over the previous week and up 16.94% over the previous month, according to Xeneta data.

Hurricane IDALIA is causing disruption in the Southeast region of the United States. Flights from Tampa and Jacksonville were canceled on August 30 and the ports of Tampa, Jacksonville, Charleston and Savannah were all closed. Ports are expected to reopen 24-36 hours after the storm passes, if it is safe to do so.

Rain from Hurricane Hilary caused the closure of Union Pacific and BNSF's main rail line between Southern California and Texas. Shippers should expect delays until rail operations return to normal.

Asia- US West Coast Freight rate | Week 35/2023 (Image: Phaata.com)

2. Asia - Northern Europe route:

The ocean freight from Asia to Northern Europe in the week of 35/2023 continued to decrease to 1,525 USD/FEU, down 3.79% over the previous week and up 28.48% over 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 35/2023 (Image: Phaata.com)

3. Northern America - Asia route:

The freight rates from North America (West Coast) to Asia in the week of 35/2023 decreased by 2.25% compared to the previous week, to 781 USD/FEU. This price decreased by 8.44% 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 35/2023 (Image: Phaata.com)

4. Northern Europe-Asia route:

The freight rate from Northern Europe to Asia in the week of 35/2023 decreased slightly by 1.26% compared to the previous week, to 393 USD/FEU. This price increased by 1.29% compared to the previous month.

Northern Europe - Asia Freight rate | Week 35/2023 (Image: Phaata.com)

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• International shipping and logistics market update - Week 34/2023

Source: Phaata.com 

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