Asia Shipping : Third-Quarter Review and Outlook
Special Report near $ 1,700 per FEU in the last week of August , down from $ 2,000 per FEU in July but still 184 % higher than in August 2023 . Rates from Shanghai to Singapore were also about $ 1,700 per FEU , down from $ 2,000 per FEU in July but still 280 % higher than the same time last year .
“ What we now see on intra-Asia trades reflects very well the general and global trend that is in the making ,” Sand told the Journal of Commerce .
The intra-Asia peak season typically runs from the end of the third quarter through the end of the year .
‘ Within the usual range ’
Carriers and forwarders say the easing in intra-Asia rates followed the reduction in port congestion in August , particularly at ports such as Singapore , Klang in Malaysia and Shanghai .
“ The overall situation has improved and is now close to normal levels ,” the ONE spokesperson said . “ While some ports are experiencing minor delays of one to two days due to occasional weather conditions such as fog , these are within the usual range of variations .”
Forwarders said rates were now stable , with prices from Shanghai to Bangkok , Manila and Haiphong unchanged in the second half of August .
That comes as carriers are adding services , both regionally and on longer-haul intra-Asia trades to the South Asia sub-continent , on the back of growth in cargo volumes .
“ Within intra-Asia routes , we ’ re seeing stronger booking demand from Asia [ particularly China ] to the Indian subcontinent , primarily West India , and the Middle East ,” the ONE spokesperson said .
“ Carriers are evaluating whether there will be a cargo rush in September .”
Taiwan ’ s Interasia Lines launched two South Asia services in late August , the FIBS spokesperson said . These comprise its China-West India-Pakistan ( IWI ) service with Regional Container Lines , Pacific International Lines ( PIL ), China United Lines and Evergreen Line , along with its China-Bangladesh Express ( IBX ) service with PIL and Sea Lead Shipping .
CNC , the intra-Asia subsidiary of CMA CGM , also
A slight dip in intra-Asia rates followed an easing of port congestion in Shanghai , Singapore and Klang ( pictured ). Shutterstock . com www . joc . com September 23 , 2024 | Journal of Commerce 19