Box shipping rates out of China ramp up ahead of Lunar New Year
FREIGHT rates from China rose on many container shipping trade lanes in the first week of January 2020 and in the run-up to the Lunar New Year
FREIGHT rates from China rose on many container shipping trade lanes in the first week of January 2020 and in the run-up to the Lunar New Year.
The Shanghai Containerised Freight Index (SCFI) surged 6.7 per cent from the previous week to 1,022.72 points, according to an announcement made recently by the Shanghai Shipping Exchange (SSE), reported Container News, Jacksonville.
Container movement rose on the route to Europe resulting from notable growth in shipment before Lunar New Year. Spot rates from Shanghai (excluding terminal handling charges) increased by 9.4 per cent to US$1,124 per TEU, while those to the Mediterranean were up 1.1 per cent to $1,185 per TEU.
On the North America route, the supply and demand balance improved thanks to the first-phase agreement of the trade negotiations reached between the US and China, and actions by shipping companies to control tonnage supply. Freight rates to the east coast rose by 9.6 per cent to $2,808 per FEU, and those to the west coast, up 14.1 per cent to $1,636 per FEU.
Freight rates to the Middle East Gulf stood at $1,218 per TEU, up 3.9 per cent and those to Australia and New Zealand, $949 per TEU, up 2.2 per cent. However, those to South America fell 2.4 per cent to $2,183 per TEU.
Freight movement to Japan was stable, making freight rates stable, too. Those to Kansai remained nearly unchanged at $226 per TEU, while those to Kanto grew 0.8 per cent to $242 per TEU.