Spot rates from Asia to northern European ports from the Shanghai Containerised Freight Index (SCFI) have gains made since November 1 with both Med and north Europe lanes posting declines over the last three weeks, according to the Shipping Gazette.
Those first of the month high points were marked by general rate increases (GRI) of between US$700 and $800 per TEU, most of which has been eroded.
Transpacific rates did better. The spot rate from Shanghai to the US west coast slipped 1.9 per cent, or $36, from the previous week to $1,849 per FEU as SCFI spot rates on the US east coast edged down one per cent, or $33 per FEU, to $3,151 in the week ending November 22.
Of Asia-Europe, Morgan Stanley Commodities freight trader Michael Rainsford said: "These declines are simply reflective of the ever present weak fundamentals on the Asia-Europe trade lane."
"The current 2013 year-to-date average on the Asia-Europe trade is $1,064 per TEU and given weakening fundamentals into 2014, carriers could struggle to maintain this average next year," he said.
The spot rate from Shanghai to northern European ports for the week ending November 22 dropped 11.1 per cent or $135 from the week before, down to $1,078 per TEU.
The rate soared $753 per TEU three weeks ago, but it has now dropped $345 from that high. The SCFI rate to northern Europe for the week ending November 22 is 0.1 per cent below where it was at the same point in 2012, and 15.1 per cent lower than at the beginning of 2013.
The spot rate from Shanghai to Med ports fell 6.2 per cent or $81 per TEU from the week before to $1,227 per TEU, according to SCFI data. Rates have eroded $272 in the last three weeks. Despite this decline, the SCFI to the Mediterranean is up 56.1 per cent year-over-year and up six per cent from Jan. 1.
Spot container rates from Asia to the US east and west coasts measured by the Shanghai Containerised Freight Index saw slight declines only one week after moving higher around a general rate increase recommended by the Transpacific Stabilisation Agreement of $400 per FEU in all Asia-US trade lanes set for November 15.
The spot rate from Shanghai to the US west coast slipped 1.9 per cent, or $36, from the previous week to $1,849 per FEU, according to SCFI data issued by the Shanghai Shipping Exchange.
Before last week's increase, rates in this lane had declined for eight straight weeks. The spot rate in the week ending November 22 is 11.5 per cent below the level in the same week last year and 16.7 per cent less than at the beginning of 2013.
SCFI spot rates on the US east coast edged down one per cent, or $33 per FEU, to $3,151 in the week ending Nov. 22. Despite the drop, the current rate remains up 0.2 per cent year on year, but is down 6.2 per cent from January 1.
Transpacific Stabilisation Agreement (TSA) members are now attempting a two-stage rate increase, adopting general rate increases of $200 per FEU, effective December 20 and $300 per FEU from January 15 for the Asia-to-US.trade lane.
Those first of the month high points were marked by general rate increases (GRI) of between US$700 and $800 per TEU, most of which has been eroded.
Transpacific rates did better. The spot rate from Shanghai to the US west coast slipped 1.9 per cent, or $36, from the previous week to $1,849 per FEU as SCFI spot rates on the US east coast edged down one per cent, or $33 per FEU, to $3,151 in the week ending November 22.
Of Asia-Europe, Morgan Stanley Commodities freight trader Michael Rainsford said: "These declines are simply reflective of the ever present weak fundamentals on the Asia-Europe trade lane."
"The current 2013 year-to-date average on the Asia-Europe trade is $1,064 per TEU and given weakening fundamentals into 2014, carriers could struggle to maintain this average next year," he said.
The spot rate from Shanghai to northern European ports for the week ending November 22 dropped 11.1 per cent or $135 from the week before, down to $1,078 per TEU.
The rate soared $753 per TEU three weeks ago, but it has now dropped $345 from that high. The SCFI rate to northern Europe for the week ending November 22 is 0.1 per cent below where it was at the same point in 2012, and 15.1 per cent lower than at the beginning of 2013.
The spot rate from Shanghai to Med ports fell 6.2 per cent or $81 per TEU from the week before to $1,227 per TEU, according to SCFI data. Rates have eroded $272 in the last three weeks. Despite this decline, the SCFI to the Mediterranean is up 56.1 per cent year-over-year and up six per cent from Jan. 1.
Spot container rates from Asia to the US east and west coasts measured by the Shanghai Containerised Freight Index saw slight declines only one week after moving higher around a general rate increase recommended by the Transpacific Stabilisation Agreement of $400 per FEU in all Asia-US trade lanes set for November 15.
The spot rate from Shanghai to the US west coast slipped 1.9 per cent, or $36, from the previous week to $1,849 per FEU, according to SCFI data issued by the Shanghai Shipping Exchange.
Before last week's increase, rates in this lane had declined for eight straight weeks. The spot rate in the week ending November 22 is 11.5 per cent below the level in the same week last year and 16.7 per cent less than at the beginning of 2013.
SCFI spot rates on the US east coast edged down one per cent, or $33 per FEU, to $3,151 in the week ending Nov. 22. Despite the drop, the current rate remains up 0.2 per cent year on year, but is down 6.2 per cent from January 1.
Transpacific Stabilisation Agreement (TSA) members are now attempting a two-stage rate increase, adopting general rate increases of $200 per FEU, effective December 20 and $300 per FEU from January 15 for the Asia-to-US.trade lane.