International shipping and logistics market update - Week 39/2023

International shipping and logistics market update - Week 39/2023

1. Asia - Northern America route

The freight rate from Asia to North America West Coast in the week 39/2023 decreased to 1,895 USD/FEU, down 5.16% compared to the previous week and down 11.45% compared to the previous month, according to Xeneta data.

The published 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 39/2023 (Image: Phaata.com)

2. Asia - Northern Europe route:

The ocean freight from Asia to Northern Europe in the week of 39/2023 continued to decrease to 1,116 USD/FEU, down 2.87% compared to the previous week and down 28.64% compared to the previous month, according to 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 39/2023 (Image: Phaata.com)

3. Northern America - Asia route:

The freight rates from North America (West Coast) to Asia in the week of 39/2023 increased slightly by 1.80% compared to the previous week, to 792 USD/FEU. This price increased by 1.67% 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 39/2023 (Image: Phaata.com)

4. Northern Europe-Asia route:

The freight rate from Northern Europe to Asia in the week of 39/2023 decreased slightly by 0.53% compared to the previous week, at 372 USD/FEU. This price decreased by 5.34% compared to the previous month.

Northern Europe - Asia Freight rate | Week 39/2023 (Image: Phaata.com)

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Read more:

• COSCO schedules: Vietnam - North America in Oct 2023
• HMM enhances Intra-Asia Cross Network service
• COSCO SHIPPING Awarded for its Digital Supply Chain Platform in the Automotive Industry
• International shipping and logistics market update - Week 38/2023

Source: Phaata.com 

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