According to the Shanghai Shipping Exchange news, driven by the rise in freight rates on European and American routes, the composite index continued to rise.

On January 12, the Shanghai export container comprehensive freight index released by the Shanghai Shipping Exchange was 2206.03 points, up 16.3% from the previous period.

According to the latest data released by the General Administration of Customs, in dollar terms, China’s exports in December 2023 increased by 2.3% year-on-year, and the export performance at the end of the year further consolidated the momentum of foreign trade, which is expected to continue to support China’s export consolidation market to maintain a steady improvement in 2024.

European route: Due to the complex changes in the situation in the Red Sea region, the overall situation is still facing great uncertainty.

European route space continues to be tight, market rates continue to rise. On January 12, freight rates for Europe and the Mediterranean routes were $3,103 /TEU and $4,037 /TEU, respectively, up 8.1% and 11.5% from the previous period.

North American route: Due to the impact of the low water level of the Panama Canal, the efficiency of canal navigation is lower than in previous years, which aggravates the tense situation of North American route capacity and promotes the market freight rate to rise sharply.

On January 12, the freight rate from Shanghai to the West of the United States and the East of the United States was 3,974 US dollars /FEU and 5,813 US dollars /FEU, respectively, a sharp increase of 43.2% and 47.9% from the previous period.

Persian Gulf route: Transport demand is generally stable, and the supply and demand relationship remains balanced. On January 12, the freight rate for the Persian Gulf route was $2,224 /TEU, down 4.9% from the previous period.

Australia and New Zealand route: The local demand for all kinds of materials continues to move steadily towards a good trend, and the market freight rate continues to rise. The freight rate of Shanghai port exports to the basic port market of Australia and New Zealand was 1211 US dollars /TEU, up 11.7% from the previous period.

South America route: Transport demand lack of further growth momentum, spot booking prices fell slightly. The South American market freight rate was $2,874 /TEU, down 0.9% from the previous period.

In addition, according to the Ningbo Shipping Exchange, from January 6 to January 12, the Ningbo Export Container Freight Index (NCFI) of the Maritime Silk Road Index released by the Ningbo Shipping Exchange closed at 1745.5 points, up 17.1% from the previous week. 15 out of 21 routes saw their freight index increase.

Most liner companies continue to detour to the Cape of Good Hope in Africa, and the shortage of market space continues, liner companies once again push up the freight rate of the late sailing voyage, and the market booking price continues to rise.

The European freight index was 2,219.0 points, up 12.6% from last week; The freight index of the east route was 2238.5 points, up 15.0% from last week; The Tixi route freight index was 2,747.9 points, up 17.7% from last week.

Sources: Shanghai Shipping Exchange, Souhang.com