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Sea Freight Market Update (until 1H Sep)

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Sea Freight Market Update (until 1H Sep)

Date of release:2023-09-04 Author: Click:

North American Market:

After a slight decline in freight rates during the last week of August, September will see a new round of increases. However, it will be challenging to maintain higher rates in the later period due to the lack of cargo volume and capacity control. In the next two weeks, there is a slight increase in known capacity affected by service suspensions, but overall container availability for shipping companies remains sufficient. There is no congestion at the major ports on the US East and West coasts, with vessel berthing times ranging from approximately 1-2 days, while waiting times for general-purpose containers and trailers are around 3-4 days. For the two major ports in Western Canada, berthing times are approximately 2 days, and waiting times for rail transportation are around 10 days.

 

 

Latin American Market:

The SCFI index has been declining slightly for five consecutive weeks. After a decline at the end of August, short-term rates on the US East Coast are expected to continue to go downwards in early September. The South America West rates are also predicted to decline in the next two weeks. With the support of extra sailings and increased  capacities, the situation regarding container availability has improved in West South America and Mexico, while East South America still has relatively ample capacity. The Caribbean region is facing restrictions on both vessel capacity and weight due to congestion at the Panama Canal.

 

Europe & Mediterranean Market:

Europe: In Europe, the SCFI index has been declining slightly for four consecutive weeks, leading to some downward adjustments in short-term rates by shipping companies in the first half of September. There is intense competition in the prepaid market pricing. Weak demands of booking have become more apparent in Week 36 compared to previous weeks, and blank sailing rate is expected to decrease in September. Shipping companies have sufficient supply of empty containers.

 

Mediterranean: The SCFI index has declined slightly for three consecutive weeks. Short-term rates are expected to remain at August levels until mid-September, with a possible downward trend. The trend for the second half of the month is still uncertain. There are signs of decreased demand for Mediterranean bookings, and the sluggish situation is expected to last at least until mid-September. In the next two weeks, Mediterranean routes will continue to be affected by service suspensions and shipping companies reducing capacity by deploying smaller vessels.

Article source: KuehneNagel


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