The spot rates are already declining again. They started a surprising revival at the end of July, but they are already on the same level as rates in mid-June. What is happening?
Furthermore, we look at the situation at the Panama Canal with the ongoing drought.
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CAROZ’s eye opener:
Despite the recent decline in spot rates (supported by trends reflected in indices such as the Shanghai Containerized Freight Index), container carriers still do better than they did in June. Back then, the forecast was not positive, and any semblance of a turnaround seemed distant. While the market has seen its share of ups and downs in recent weeks, these shifts won’t necessarily lead to substantial profit margins for carriers in September. A comparison with previous years underscores this point. The average rate measured by
Drewry for the Shanghai-Rotterdam route on September 8th last year, which stood at $7,435 per FEU, remains far from reach.
The ongoing drought at the Panama Canal is a serious problem and the result of climate change and the weather phenomenon ‘El Nino’. This again shows that making ocean freight sustainable is essential. Fortunately, there are already plenty of developments in this field, which we follow with excitement.
Want to know more?
Each monthly update we will highlight the developments within the Ocean freight market including the following topics:
- Trending topic: Spot rates drop again
- Rail & Air | Asia – Europe
- Space & rate developments
- Port developments & congestion
- Freight Indices & Container Availability
- How to mitigate risks
