North American Trade Lane:

The shipping market turns to oversupply as the capacity continues to recover and cargo volumes in the market remain the same level. The spot freight rate starts to drop slightly this week, there is no signs of rate rebound in the 2H of this month

Latin American Trade Lane:

The spot freight rates are estimated to edge up as the market demand remains strong. The rates to West Latin America are generally stable with minor fluctuations. Due to decreased the blank sailings in next two weeks, the tight spaces situation to East Latin America has eased slightly while the spaces to West Coast are relative plenty. Except some shipping lines are facing shortage of 20 GP and reefer containers, the general container inventory situation is similar to previous weeks. Some carriers have announced the suspension of accepting bookings for NOR. The water levels in the Amazon River are continuing to deteriorate, prompting shipping companies to once again increase low-water surcharges. It is expected that the drought conditions will be relieved by the end of the year.

Europe & Mediterranean Trade Lane:

Europe: The SCFI index has experienced a slight decline since the previous week, influenced by the overall flat market volume. It is expected that the basic port prices in Europe will see minor weekly decreases until the end of November. With the Christmas season approaching, European shipping companies have begun to announce gradual rate increases (GRI) for December.

Mediterranean: After several rounds of adjustments, the freight rate increase in 1H November has finally settled. It is expected that the market will remain stable in the 2H of this month. Over the next two weeks, the Mediterranean market activity is expected to be flat, but affected by blank sailings and GRIs, the spaces are tight. Major shipping companies are operating at a stowage rate of over 90%, and some carriers have shut out containers occasionally.

Article source: KuehneNagel