Wednesday, August 10, 2011

Container Freight Rates From China Up and Down Cargo Shipping Volumes Steady

Weekly Shanghai Indices Show Slight Increase
Shipping News Feature

CHINA – WORLDWIDE – Figures compiled from data supplied by some of the shipping industry’s largest container freight carriers show that cargo export totals from China for the end of July were slightly up and freight rates generally followed the same trend. On July 29th, the China Containerized Freight Index issued by Shanghai Shipping Exchange was 980.78 points, up 0.5% from the previous week, while the Shanghai Containerized Freight Index came out at 1013.06 points, up 0.4%.

Freight rates rose slightly on the European and Mediterranean routes whilst falling on North American services. As to volume, cargo levels were steady with 90% slot utilisation to Europe, hence the price hike and Mediterranean take up was steady at 95%. Watch for more increases as traffic levels peak in the next two months. At the end of July the average freight rate from Shanghai to the US West and East coast respectively, including all surcharges, were reported as US$ 1585 and $3093 per FEU (forty foot equivalent unit).

Chinese traffic to the Japanese, Australian and Singaporean markets was steady but whilst Japanese freight rates were static the other two rose slightly. The biggest rate increase was in South American trades which rose 18.8% over the last week of July to base ports in the area hitting $2050 per TEU although this may well fall back.

The Exchange uses figures supplied by a range of fifteen of the biggest ocean freight carriers including Maersk, CMA CGM, COSCO, Mitsui OSK, Hanjin, NYK fifteen of the largest freight forwarding groups with interests in the Shanghai area.