Freight rates rebound in lead up to Chinese New Year
January 30, 2014 Category Logistics, Ports & sea transport
Container shipping firms are hoping for a better year as freight rates rebounded in the lead-up to the Lunar New Year holiday. Spot rates on the China-Europe route rose 17% week-on-week, or 39% year-on-year, in the week to January 3, according to the Shanghai Export Container Freight Index. The spot rate from China to the Mediterranean Sea rose 14% week-on-week, or 55% from a year earlier. China-U.S. spot rates rose just 1% week-on-week, as larger vessels are deployed on the route. Spot rates for China to the U.S. west coast plunged 18% year-on-year, however, while rates to the east coast tumbled 7% in the week to January 3. The freight market will be quiet after the Lunar New Year as migrant workers leave factories for visits home. “Taking into account the improved demand and supply situation this year, I believe freight rates will gradually go up in March,” Huang Xiaowen, Managing director of China Shipping Container Lines said. “The sustainability of rate hikes would depend on the liners’ ability to control the supply in an effective way,” said Geoffrey Cheng, Manager of Transport at Bocom International. New orders for dry bulk vessels increased over the last quarter of 2013.
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