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| CCFI Commentary Issue 04, 2013 |
| Weekly Report of China Export Container Transport Market (CCFI Commentary in Issue 04, 2013) Arising demand pushes indices up China export box market firmed up this week with demand and indices growing up. On Jan.11, the China Containerized Freight Index (CCFI) issued by Shanghai Shipping Exchange (SSE) remarked at 1122.36 points, up 1.1% from last week. Booking rates on most ocean-going trades hiked this week after the rate restoration by carriers. The Shanghai Containerized Freight Index (SCFI) soared 7.3% to 1232.35 points this week. As the shipment frenzy before the Lunar New Year approach, domestic exporters speeded up shipment, pushing demand up significantly this week. On the supply side, line players took temporarily stricter controls on capacity by combing, withdrawing services and using small ships to replace bigger units, which also contribute to the improvement of supply/demand conditions. The average slot utilization rate rose to around 90%, some voyages even beyond 95%. Following with some liners hiked rates last week, another players increased rate this week, ranging from $200/TEU to $300/TEU. On Jan.11, the CCFI showed that the freight index of China/ Europe service quoted at 1479.61 points, up 2.0% from last week. Volume was more positive on the Mediterranean service, where slot utilization of most voyages stayed above 95%. Rates also ballooned apparently this week, with boxes heading for East Med and Black sea pricing at around $1500/TEU and boxes heading for West Med pricing at over $1300/TEU. On Jan.11, the CCFI showed that the freight index of China/ Mediterranean service reported at 1391.24 points, up 5.6% from last week. The pre-holiday shipment rush was remarkable on the North America trade. Demand was on the rise, since boxes that were extended on shipment date affected by strike at U.S. ports previously were shipped this week. The average slot utilization rate on USWC and USEC services remained around 95% with some voyages almost full-load. Given the tighter supply, carriers are pushing for a new round of rate restoration, ranging from $200/FEU to $400/FEU. On Jan.11, the SCFI showed that the freight rate (covering seaborne surcharges) of service from Shanghai to base ports of USWC and USEC quoted at $2341/FEU and $3525/FEU, respectively up by 5.4% and 5.0% from a week ago. Volumes were stable on the Persian Gulf service this week. Acute overcapacity was still out there, with the average slot utilization rate just hitting some 70%, as lines deployed a lot of capacities previously on this service. Rates have been declining over $300/TEU since last December, followed by most carriers operating on this trade trapped in the red. Recently, carriers begin to raise rate by around $200/TEU on this trade, boosted by the recent rate gains on main trades like Europe and America services. On Jan.11, the SCFI showed that the freight rate (covering seaborne surcharges) of service from Shanghai to base ports of Persian Gulf quoted at $777/TEU, surging by 35.1% from a week earlier. Despite no evident pick-up in volume, the demand/supply situation of the Australia and New Zealand service is on the improvement way after lines cut capacity aggressively last December. The average slot utilization rate stood above 90% this week with some voyages full loaded. Simultaneously, rates rose marginally this week. On Jan.11, the SCFI showed that the freight rate (covering seaborne surcharges) of service from Shanghai to base ports of Australia and New Zealand surged by 8.3% from a week ago to $964/TEU. On the Japan service, volume slipped this week. However, the average slot utilization rate still stood around 65%, since lines cut slot supply on this trade. Rates fluctuated slightly. On Jan.11, the CCFI showed that the freight index of this service fell just 1.6% against last week to 763.09 points. |
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