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Sea Freight Increasing

(Summary description)Boom! Sea freight will soar again? Back to the high point in mid-February, even higher!

Sea Freight Increasing

(Summary description)Boom! Sea freight will soar again? Back to the high point in mid-February, even higher!

  • Categories:Industry News
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  • Time of issue:2021-04-09 14:14
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  Boom! Sea freight will soar again? Back to the high point in mid-February, even higher!

  As shipping companies have reduced their commitment to contracting quantities and adopted higher FAK rates, the spot freight rates of all container transactions began to rise again from the already high level.

  The China-Nordic component of the Freightos Baltic Index (FBX) rose slightly to US$ 7,354 per 40 feet this week, and for European route, the transportation demand in the markets overall increased. Affected by the Suez Canal blockage incident, the market faced a short-term shortage of transportation capacity, and the spot market freight rate increased. Relevant market reports suggest that the freight rate of this route will soar again next week, returning to the high point of $8,430 in mid-February, or even higher.

  Ningbo Container Freight Index (NCFI): The freight rate of China-Nordic route has increased due to the decrease of transportation capacity, and the index of this route has increased by 4.6% this week.

  Compared with the same period of last year, the FBX of China-Nordic route has reached an astonishing 430% growth, and at this moment which is just before the recovery of the supply chain in the peak season in July, the rates are generally in the cycle which is under the pressure of the off-season.

  Judah Levine, head of research of Freightos, said: "The refloating of Ever Given successfully eased the crisis, but it has caused damage in many aspects. Two weeks after the Suez blockade, global trade began to feel the slow impact of transportation capacity and price. "

  In fact, a British-based NVOCC said that the carriers not only doubled their contract rates in Asia, but also reduced their MQC (Minimum Quantity Commitment) by 75%. "Now, the new contracts only cover a quarter of our business, and the rest of the business will depend on the FAK rate of the shipping company and various surcharges." he said.

  The freight forwarder is also serving customers who has the huge US market, and he complained that trans-Atlantic freight is now "out of control".

  FBX's index shows that the spot freight from Northern Europe to North America has increased by 10% this week, reaching "$3,306 per 40 feet", which has soared by more than 50% in the past few weeks.

  There is more and more evidence that the trans-Pacific spot rate will rise sharply again in the next few weeks. The National Retail Federation (NRF) said that the import volume this month is expected to be 14% higher than that in April last year.

  Therefore, the export of tricycles is facing more serious problems, because the loading quantity of containers will be less.

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