International shipping and logistics market update - Week 37/2023

International shipping and logistics market update - Week 37/2023

1. Asia - Northern America route

The freight rate from Asia to North America West Coast in the week 37/2023 decreased to 2,056 USD/FEU, down 2.61% from the previous week and up 1.28% from the previous month, according to Xeneta.

Total capacity in September was at ~85%, up 5% compared to August and is the 2nd highest month in terms of total capacity this year. It is not expected that capacity will decrease further in September. Published sailing schedules are expected to remain in place before Golden Week (October 1). It is expected that factories in China will be closed from September 23 to October 8.

Asia- US West Coast Freight rate | Week 37/2023 (Image: Phaata.com)

2. Asia - Northern Europe route:

The ocean freight from Asia to Northern Europe in the week of 37/2023 continued to decrease to 1,299 USD/FEU, down 4.49% compared to the previous week and down 22.72% compared to the previous month, according to Xeneta data.

Weak consumer demand, high inflation, high inventories, rising energy costs and political instability are still impacting the European shipping market. Carriers are looking to implement GRI (General Rate Increases) in September, and many sailings have been blanked and adjusted for the next month.

Asia-Northern Europe Freight rate | Week 37/2023 (Image: Phaata.com)

3. Northern America - Asia route:

The freight rates from North America (West Coast) to Asia in the week of 37/2023 continued to decrease slightly by 1.27% compared to the previous week, down to 777 USD/FEU. This price decreased by 3.12% 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 37/2023 (Image: Phaata.com)

4. Northern Europe-Asia route:

The freight rate from Northern Europe to Asia in the week of 37/2023 decreased slightly by 1.34% compared to the previous week, down to 368 USD/FEU. This price decreased by 3.92% compared to the previous month.

Northern Europe - Asia Freight rate | Week 37/2023 (Image: Phaata.com)

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Read more:

• Port of Los Angeles Cargo Volume Increases in August
• Drewry's Composite World Container Index continues downward trend
• ONE launches a new weekly service, direct corridor from East Asia to Indonesia
• Maersk successfully deployed the first multimodal Sea-Air solution via Oman
• Sea-Intelligence analysis: Shortage of blank sailings in Golden Week
• International shipping and logistics market update - Week 36/2023

Source: Phaata.com 

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