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Hauliers in the EU are facing multiple challenges. This is due to the rising prices of petrol, drivers’ shortage (experts predict that the shortage of drivers will increase by 40% this year, if the governments don’t take action), the failure of sustainable policies to match requirements, and the inability of the SMEs’ buying power to match the purchasing power of bigger companies.
But the big players have bigger fish to fry - the strikes are still ongoing and intensifying. In the Port of Liverpool, senior officials have joined the walkouts. It’s become obvious that the human factor is a key component in supply chai navigation regardless of the sector. No congestion will ever improve until the labor force and conditions are taken into account.
China’s manufacturing remains at its lowest since last spring. Inadequate logistics and a sluggish job market weakened by the COVID restrictions have led to fewer orders and a renewed fall in output. It is estimated that China's share of global trade growth will decrease to 13% in the next five years. Its Southeast neighbors will be doing much better with the shipping sector relying mostly on them.
Spot rates continue falling. The World Container Index is at S$4,014 (down by 10.25%). The Middle East bound trade Lane, Shanghai-Genoa prices hit by 19%, while those to Rotterdam & Los Angeles took a 10-13% hit. Prices on Transatlantic West Bound route piqued by 4% because of congestion. Big players recognize the significant drop in demand but expect that more ocean contract coverage will offset ocean spot exposure and more land-based business will offset both ocean spot and contract exposure. In short, the focus will be on landslide logistics.
Contract rates are following spot rates. The long-term contracted rates fell by 1.1% in September for the first time since January, but experts say it is not for long. For the time being, carriers will be competing to secure volumes in the face of lower global demand.
India is another example of weakening spot rates. For the West India-US Gulf Coast trade, rates have decreased to $9,257 per 20-foot and $11,615 per 40-foot container. India-Europe trade (west), contract prices have plunged to US$4,400/20-foot container and US$4,800/40-foot container. Forwarders have also expressed worries about slowing export order flows. At the same time, Indian rail rates are rising following the recovery in volumes.
Transatlantic rates are holding firmly. Experts say that they will fall if the capacity increase is realised in the coming weeks.
Services and routes
- Until demand recovers, Maersk stops the Asia-USEC loop. So far, the company has seen a significant reduction in bookings to North American ports on both the Pacific and Atlantic coasts.
- The dropping demand also forces MSC to suspend its 2M Sequoia service until further notice.
- CMA adds peak season surcharges from Oct 1, 2022 till Dec 31, 2022 from the US to Latin America and the Caribbean. The PSS will be US$125 per 20' dry and reefer and US$250 per 40' dry & reefer for all types of containers except flat and open top boxes.
- Safeen Feeders and Saif Powertec have a joint deal. Safeen Feeders will spend $102m on three vessels for 15-year charters with Saif Powertec.
- IndiGo has added its first dedicated freighter – a converted A321 – to its fleet. The company plans to become a major player in India’s growing air cargo market.
- GTS Rail is going to launch Europe’s longest direct intermodal route connecting the rail station Bari Lamasinata in Italy to the port of Zeebrugge, Belgium.
- Iran has set 2 years deadline for completing the Zahedan-Chabahar railway line that will provide Chabahar port with direct access to the Iranian railway network.
- The first shipment along the China-Kyrgystan-Uzbekistan-Afghanistan corridor has taken only 10 days which is a promising transit time. The new service is not an all-rail service. The first leg is carried by truck.
- New rail service connects the Italian terminals of Manopello – In-terporto Abruzzo and Ostrava-Mošnov in Poland.
- Hupac will increase the frequency of the rail connection between Pomezia, near Rome, and Novara, roughly 50 kilometers east of Milan.
Other
The Zephyr 1 aframax tanker and GSL Grania boxship collided on the way along Malacca Strait. Both have been seriously damaged.
South Carolina Ports closed all marine terminals on Sept 30 in preparation for Hurricane Ian. Wando Welch, North Charleston and Hugh Leatherman will operate from 8.00 am to 5.00 pm local time on 1 and 2 October. Port Everglades and Port Miami resumed operations on 29 September.
COSCO explained its decision to buy a stake in Hamburg’s Tollerort Terminal as a purely business strategic move.
These are only several changes that occurred in more than 250 bn freight rates across 25 million routes with more than 1 million market players. Want to share some news about your company, services, and routes? Just post them on MAXMODAL, a multimodal network that digitally connects routes and rates worldwide to automate sales and operations across container transportation & logistics industry. Join to innovate.
Container spot rates from China to Europe and the US tanked again this week, leading to heavy discounting by carriers and prompting some to offer significant mid-term reductions to contract rates.
Ahead of the Chinese Golden Week holiday, the Ningbo Containerized Freight Index (NCFI) weekly market commentary reported that vessel export load utilisation levels were “poor”, and that “the decline in freight rates was difficult to stop”.
Drewry’s World container Index (WCI) Asia-North Europe component lost another 10%, to $5,441 per 40ft, while its reading for Mediterranean ports saw a huge 19% decline, to $5,216 per 40ft.
Moreover, one UK-based NVOCC told this week he had received an offer of $4,500 for a 40ft from Shanghai to Southampton from an alliance carrier.
He added: “I can’t see any reason why anybody would be shipping under contract at the moment, as the lines have plenty of space they need to fill and can still make good money out of these lower spot rates.”
Another forwarder contact said he thought Maersk was suffering more than some of its peers from the market pivot, adding: “I hear their contract volumes are well down, and they have been slow to tap the spot market. And, on top of that, they have the strikes at Felixstowe to contend with.”
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From Chase Logistics Pvt Ltd
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Despite an improvement in August, US trucking firms are in for a slow ride as economic conditions weaken.
Meanwhile, shippers are using the breathing space to optimise networks and reduce costs, although not in a push to reduce rates to pre-pandemic levels.
US truckers rolled through August at a better clip than anticipated. The American Trucking Association’s For-Hire Truck Tonnage Index shows a 2.8% gain for the month, reversing a 1.5% slip in July. Year-on-year, the index is up 7.4%.
The Cass Freight Index for August also painted a brighter picture, showing a 3.6% increase in shipments over August 2021.
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