On Gateway
By the Numbers
An extensive , multi-channel , interactive freight shipping dashboard can be found at https :// www . joc . com / gateway / about
Global manufacturing rebound disappoints
Seasonally-adjusted world , US , Asia , China and EU manufacturing Purchasing Managers ' Indexes ( PMIs ); reading of 50 or higher indicates growth
PMI
60
55
50 30 45
40
35
30 L 2020 2021 2022 2023 2024
World US Asia China EU
Source : S & P Global © 2024 S & P Global
On Gateway
The recovery of global manufacturing has proven to be short-lived , boding poorly for freight demand for the rest of the year . The S & P Global manufacturing purchasing managers ’ index ( PMI ), a measure of global output , fell to an eight-month low of 49.5 in August . Only Asia and China saw mild expansion in production , while declines in factory activity only deepened in the United States . Demand for raw materials and inputs has been retreating since August , according to the GEO Global Supply Chain Volatility Index .
The Gateway is an online shipping dashboard of more than 140 continuously updated charts from S & P Global and identified external data sources organized by trade lane , mode and topic . https :// www . joc . com / gateway
US truckload spot weakens
Weekly spot truckload rates per mile excluding fuel surcharges . As of Sept . 28 , 2024 , the spot rate remained $ 1.59 per mile , unchanged from the previous week and down 0.6 % year over year ..
$ 1 . 80 $ 1 . 75 $ 1 . 70 $ 1 . 65 $ 1 . 60
|
$ 1 . 55
$ 1 . 50
28- O c t - 23
|
25- N ov - 23 |
23- D e c - 23 |
20- J a n - 24 |
17- F e b - 24 |
16- M a r - 24 |
13- A p r - 24 |
11- M a y - 24 |
8- J u n - 24 |
6- J u l - 24 |
3- A u g- 24 |
U p 0 . 6 % f r om S e p t . 2023
31- A u g- 24
28- S e p - 24
|
Source : DAT Solutions © 2024 S & P Global
Xeneta Asia to US West Coast short and long-term rates
Xeneta aggregates freight rates for both short-term contracts valid for less than 32 days , and long-term contract that are valid for 87 days or more . Terminal Handling Charges ( THCs ) are excluded . The Sept . 26 , 2024 average spot rate from Asia to the US West Coast was $ 5,479 per FEU , down 1.9 % from the previous week . Rates in long-term contract signed in the last three month ticked up 0.8 % from previous week to $ 3,264 per FEU , while overall long-term contract pricing rose 2.1 % to $ 2,439 per FEU .
S hor t - t e r m r a t e s C on t r a ct r a t e s si gn e d in l a st t hr e e m on t hs
C on t r a ct r a t e s
$ 10,000
USD per FEU
$ 8,000 $ 6,000 $ 4,000 $ 2,000
$ 0 01 / 07 / 2021
09 / 26 / 2024
Xeneta ’ s ocean freight spot and contract pricing benchmarks gather over 10 million rates monthly from large volume global shippers and forwarders . Before releasing any market information , a minimum of five daily rates per route , per equipment type is required .
50 Journal of Commerce | October 21 , 2024 www . joc . com