International shipping and logistics market update - Week 38/2023

International shipping and logistics market update - Week 38/2023

1. Asia - Northern America route

The freight rate from Asia to North America West Coast in the week 38/2023 have decreased to $1,965 per FEU, a 2.53% decrease compared to the previous week and an 8.56% decrease compared to the previous month, according to Xeneta data.

Total capacity in September is at approximately 85%, marking a 5% increase compared to August and the second-highest capacity month of the year. It is expected that capacity will not further decrease in September. The published ship schedules are expected to remain in effect before the Golden Week holiday (October 1st). Chinese factories are expected to be closed from September 23rd to October 8th.

With weak demand and the impact of the Golden Week holiday in China, freight prices continue to decrease leading up to the holiday. It is anticipated that capacity will be cut by around 20-30% in October.

Asia- US West Coast Freight rate | Week 38/2023 (Image: Phaata.com)

2. Asia - Northern Europe route:

The ocean freight from Asia to Northern Europe in the week of 38/2023 continue to decrease to $1,129 per FEU, a 5.05% decrease compared to the previous week and a 28.77% decrease compared to the previous month, as per Xeneta data.

Weak consumer demand, high inflation, high inventory levels, rising energy costs, and political instability continue to affect the transportation market in the European route. Many sailings have been blanked, and adjustments have been announced for the coming month.

On the Asia-Mediterranean route, market demand has seen a significant decline, and multiple canceled sailings have been announced by all three shipping alliances.

Asia-Northern Europe Freight rate | Week 38/2023 (Image: Phaata.com)

3. Northern America - Asia route:

The freight rates from North America (West Coast) to Asia in the week of 38/2023 have increased slightly by 1.16% compared to the previous week, reaching $784 per FEU. This price is a 1.88% decrease 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 38/2023 (Image: Phaata.com)

4. Northern Europe-Asia route:

The freight rate from Northern Europe to Asia in the week of 38/2023 have increased slightly by 1.37% compared to the previous week, reaching $371 per FEU. This price is a 6.78% decrease compared to the previous month.

Northern Europe - Asia Freight rate | Week 38/2023 (Image: Phaata.com)

Find Freight rates here.
 
Find Logistics Companies here.

Read more:

• Persistent Drought Threatens to Further Reduce Daily Transits at the Panama Canal
• Port of Oakland Records Decreased Container Volumes in August
• International shipping and logistics market update - Week 37/2023

Source: Phaata.com 

Phaata.com - Vietnam's First International Logistics Marketplace

► Connect Shippers & Logistics Companies Faster!