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Xeneta real-time container freight rates update: week 10
. Reefer spot rates soon back to pre-pandemic levels as dry premium dissolves The latest ocean freight rates data from Xeneta suggests an increasing “normalization” of the reefer market, with spot rates from the Far East to Northern Europe now back to pre-pandemic levels. This means short-term reefer rates on the trade have collapsed from a high of almost USD 16 000 per FEU in January 2022 down to around USD 2 300 per FEU today. Market distortion “There’s a range of interesting developments on this trade which speak volumes about wider macroeconomic factors,” comments Peter Sand, Chief Analyst at Oslo-based Xeneta. Sand explains: “The COVID years created a new reality for…
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Xeneta real-time container freight rates update: week 46
North Europe to Far East spot rates now below pre-pandemic levels, as backhaul follows fronthaul fall The latest ocean freight rates data from Oslo-based Xeneta shows that backhaul spot rates are now firmly following the fronthaul trend, with significant drops on key trades. This is exemplified by the North Europe to Far East container corridor, where rates are now 6.8% below the pre-pandemic figures of January 2020. Protracted decline “The fronthaul developments have captured most of the press, with spot rates falling away dramatically since the summertime,” comments Peter Sand, Xeneta’s Chief Analyst. “However, in some cases, backhaul rates have seen equally large drops and, what’s more, those drops have…
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Xeneta real-time container freight rates update: week 42
Reefer spot rates are proving more resilient than dry container prices on exports from North Europe, with slow declines as opposed to dramatic drops. According to the latest market analysis from Oslo-based Xeneta, all main trades from the region have experienced falls over the past three months. However, unlike the dry market, the routes are still commanding higher rates than this point last year, pushing the reefer ‘premium’ over standard containers to new heights. Standing (relatively) strong “This reefer spot rate market is clearly not in the same straits as its dry sibling,” comments Emily Stausbøll, Market Analyst, Xeneta. “Although impacted by the same wider macroeconomic and geopolitical factors, demand…
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Xeneta real-time container rates update: week 34
While spot rates for ‘dry standard’ FEUs are declining on the world’s key global trading corridors, the rates for equivalent reefers are bucking the trend on the North Europe to Far East route. According to the latest market intelligence from Xeneta, which crowd sources real-time ocean freight rate data from leading shippers, the average 40’ HC reefer spot rate stood at a mighty USD 5 230 for the trade on 23 August, compared to dry standard FEUs at USD 980. At this point two years ago, September 2020, the reefer spot rate was USD 4 000. Converging curves “This is interesting for a number of reasons,” comments Peter Sand, Chief Analyst, Xeneta.…
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Xeneta real-time container rates update: week 32
. Short- and long-term rates converge on Far East to US routes, offering opportunity for carriers and shippers alike Declining spot rates on the Far East to US West Coast and East Coast ocean freight trades have converged with historically strong long-term rates, presenting business opportunities for both carriers and shippers. According to the latest market intelligence from Oslo-based Xeneta, spot rates to the East Coast have now fallen by more than USD 3 400 per FEU (-26.9%) this year, while those from the Far East to West Coast have slumped by USD 3 200 (-33.1%). Long-term rates, on the other hand, have sky-rocketed. 2022 has seen long-term contracted…
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Xeneta container rates alert: long-term ocean freight rates on the rise again, as demand, congestion and geopolitical uncertainty squeeze shippers
After a rare dip in long-term contracted ocean freight rates in December and January, container shipping costs are rising once again, with a 3.9% increase in February. The development, revealed in the latest Xeneta Shipping Index (XSI®) Public Indices, means rates have risen across 15 of the last 17 months. They currently stand 87.9% up year-on-year. Furthermore, notes Oslo-based Xeneta, ongoing congestion, high demand and a new level of geo-political angst are unlikely to reverse that trend any time soon. From bad to worse? “It’s a worrying time for shippers,” states Patrik Berglund, CEO of Xeneta, which compiles the unique XSI® by crowd sourcing global rates data. “Pandemic disruption is,…
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Xeneta container rates alert: rising long-term rates and port congestion compound cargo owner woes
After another month of high demand, over-stretched infrastructure and difficult negotiations for shippers, long-term contracted ocean freight rates now stand 85.5% higher than at this point last year. Although August saw rates rise by a relatively modest 2.2% (contrasted to July’s astonishing 28.1% jump) there appears to be little sign of relief on the horizon, with increasing port congestion and relentless demand ahead of the all-important pre-Christmas period. Container ship operators are reaping record-breaking financial rewards as a result. Positions of power The latest data comes courtesy of Oslo-based Xeneta, which crowd sources real-time rates from leading shippers to produce the Long-Term XSI® Public Indices, delivering detailed insights of the…
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Xeneta container rates alert: container turmoil driving long-term freight rates to historic highs Press Release
2021 has got off to flying start for long-term contracted ocean freight rates, according to the latest XSI® Public Indices report from Xeneta. January’s XSI®, which gleans unique intelligence from crowd sourced real-time shipping rates, shows one of the highest ever monthly rate increases, with a global jump of 5.9%. This leaves the index 4.5% up year-on-year, with few signs of relief on the horizon. XSI® effectively takes the temperature of the long-term contracted market, capturing the latest rates from leading shippers, utilizing over 200 million data points, with more than 160,000 port-to-port pairings. That temperature is currently through the roof, with congested ports, a lack of equipment and…
