Freight rates on the West-West route soared by more than 30%

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Since October 14, the United States has officially implemented Section 301 investigations and restrictive measures on China's shipbuilding and other industries, affecting the stability of the global supply chain, causing rising trade costs, and seriously damaging the interests of China's related industries.

Analysts at the Shanghai Shipping Exchange believe that the relevant measures have put the Sino-US trade prospects under a severe test, but may once again produce a "rush for exports" effect in the short term. At present, transportation demand on trans-Pacific routes is relatively stable, and booking prices in the spot market have rebounded from low levels.

The Shanghai Export Container Comprehensive Freight Index (SCFI) released by the Shanghai Shipping Exchange shows that on October 17, the market freight rates (sea freight and sea freight surcharges) exported from Shanghai Port to the basic ports in the West and East US were US,936/FEU and US,853/FEU respectively, up 31.9% and 16.4% respectively from a week ago.

Regarding the freight rate prospects in the trans-Pacific route market, Drewry predicts that freight rates will rise further, but this momentum will not last long and freight rates are likely to fall back. If freight rates fall, shipping companies may try to adjust freight rates in November.

According to data released by the General Administration of Customs of China, China's exports to the United States fell by 27.0% in September this year, marking six consecutive months of negative growth since April. However, China's overall exports increased by 8.3% year-on-year in September, a growth rate that hit a six-month high. This shows that under the complex external environment, China's foreign trade has continued its steady and positive development momentum.

Among them, in September, China's exports to the EU increased by 14.2% year-on-year, the largest growth rate in three years, and exports to Italy, the Netherlands, and Germany increased by 30.3%, 12.4%, and 10.9% year-on-year respectively.

Freight rates in the Asia-Europe route market have also shown an upward trend.

On October 17, the market freight rate (shipping and shipping surcharges) exported from Shanghai Port to European basic ports was US,145/TEU, an increase of 7.2% from a week ago. In the previous week, freight rates on the Asia-Europe route also increased by 10.0% month-on-month.

Analysts at the Shanghai Shipping Exchange said that the preliminary Eurozone comprehensive PMI rose to 51.2 in September, continuing to remain above the boom-bust line. Among them, the services PMI rose to 51.4, a nine-month high, maintaining the overall expansion trend. But he also reminded that the future economic prospects of the euro area still face tests.