In contrast with the same period last year, now the demand continues to drop. Once busy Port of Los Angeles undergoes dropping imports by 15.5% year on year. Experts expect volume pullback to continue in the months ahead. The spot rates follow suit - the WCI has dropped below US$5,000 at US$4.942. Rates from China have dipped, a minimum of over 40% across the trade lanes to Europe & US. Trying to keep the spot rates from falling, shipping lines have started to withdraw capacity. Some already fear that all the service blankings will lead to another empty container shortage crisis.
In contrast, high charter bills persist and these expensive conditions leave some of the carriers saddled since they rely on chartered tonnage.
FMC has proposed a rule aimed at preventing ocean carriers from locking out customers from the carriers’ available vessel space. This is because shippers have been complaining about carriers that have been taking advantage of more lucrative import rates. MSC is accused of not following documentation rules.
China continues enhancing its ties with the West, with Hungary in particular. CATL sealed the building and development of its own factory in Debrecen. The investment is almost at 7,34 billion euros. COSCO’s ambitious plans to invest in the Port of Hamburg leave Germany concerned. The debate about whether to let Chinese infrastructure grow or not continues.
The EU intermodal transport suffers from low punctuality and effectiveness. Shippers do not want to switch to road and bad communication remains the core problem. While the EU Commission is trying to solve the multimodal riddle, strikes continue disrupting the situation. The Port of Felixstowe is about to dive into a second wave. Strikes now remind the industry of a big wave, putting supply chains under pressure. In the US the consensus was reached before the strike could have started.
New services
DP World has established a rail link out of Ukraine to the port of Constanta.
The statement signed between Russia, Azerbaijan, and Iran commemorates the start of the joint efforts of the countries to fill the gaps in the railway infrastructure of the International North-South Transport Corridor.
A new container shipping line has been launched in China’s Quanzhou connecting Vladivostok.
CMA CGM Group will end the 9th vessel to SAFRAN service connecting North Europe with East Coast South America. The rotation is London, Rotterdam, Hamburg, Antwerp, Tanger, Santos, Paranagua, Buenos Aires, Montevideo, Paranagua, Santos, Tanger, London.
Hamburger Hafen und Logistik AG has launched the first train within the Amber Train project from Muuga port.
Other
COSCO has outlined the expansion of the fleet. Then outlay of the new ships amounts to $4.9bn and 580,000 tue by the end of 2025.
Russian Railways intends to open additional border crossings for rail traffic in the Far East since the current Zabaikalsk-Manchuria does not provide enough capacity. It is happening because of the fact that now many companies in Russia have shifted their focus toward the east, and bottlenecks have started to occur.
Hapag-Lloyd will invest in Italy-based logistics company Spinelli Group. It will acquire 49%.
Maersk has completely divested its minority stake in Russian container terminal operator Global Ports Investments PLC following the plan to discontinue activity with Russia.
China’s share of global trade growth imports and exports will plummet to 13% in the next 5 years, analytics say.
These are only several changes that occurred in more than 250 bn freight rates across 25 million routes with more than 1 million market players. Want to share some news about your company, services, and routes? Just post them on MAXMODAL, a multimodal network that digitally connects routes and rates worldwide to automate sales and operations across container transportation & logistics industry. Join to innovate.
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Another typhoon has prompted the ports of Shanghai and Ningbo to close for the second time in 10 days, with forwarders expecting a “ripple effect” of shipping delays. Although weaker than Typhoon Hinnamor – which saw Shanghai, Ningbo and Busan all suspend operations last week – Typhoon Muifa is on a direct path to hit Shanghai, according to the US Joint Typhoon Warning Center.
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In a major development, India has offered Bangladesh toll-free transit facilities for exporting and importing goods to and from third countries using its seaports. India will also not take transit fees from Bangladesh to export goods to Nepal and Bhutan via its territory. Indian prime minister Narendra Modi made the offer to Bangladeshi prime minister Sheikh Hasina while she visited New Delhi last week on an official visit.
Shipping across several cargo markets between China and the US is dropping. Demand for Chinese goods is falling at the same time COVID-19 lockdowns and weather problems are pressuring Chinese manufacturing and logistics. Full inventories in Europe and the US also lead to dropping capacity demand.
The rail sector in the US is struggling with handling even the current imports from the ports and considering modifying Asian import flows. Also, vessel congestion has soared at east coast gateways. Forwarders are expecting it to keep rising.
The energy crisis in the EU is causing spot rates to plummet. Drewry’s spot rate from Shanghai to Rotterdam, Netherlands, dropped 18% since July, from $9,280 per FEU to $7,583. Spot rate from China to North Europe has fallen 24% over the same period. As a result, contract rates become a sensitive topic. Carries want to negotiate to keep their revenues high, while shippers demand to lower the prices. This will result in a widening two-tier market.
Charter rates are softening too. The New Contex charter index in Hamburg dropped 3.2% last week to duck below 3,000 points for the first time since January.
Surging costs are putting pressure on the rail sector. Some countries have already established fixed electricity prices to stabilize the situation.
Felixtowe congestion looks gloomy in the shadow of the expected Liverpool strike. The spirit spreads over other EU ports: German, Dutch, and recently Valencia has joined. Congestion causes demand to hold up and is helping fuel rail demand from European exports to China.
New service developments:
- A loaded truck from Nhava Sheva Port/JNPT has been launched between India and Iran. Its destination is Moscow.
- A new MEDGULF service by CMA CGM. Rotation: Tanger (Morocco), Genoa (Italy), Valencia (Spain), Miami (US), Veracruz (Mexico), Altamira (Mexico), Houston (US), Tanger.
- India lowers the annual land license fee to 1.5% to encourage rail investments and to have 300 rail-linked freight terminals built in five years.
- Hupac inaugurated its new terminal in Brwinów, Poland. It will allow for the consolidation of trains to Russia and China with goods from all over Europe.
- COSCO has launched the first Qinzhou-Luzhou regular sea-rail block. The transportation is expected to take 3 days.
- SAFEEN Feeders has launched a new UAE-China service connecting Shanghai, Qingdao, and Ningbo directly with Khalifa Port in Abu Dhabi.
- SAFEEN Feeders will also team up with CMA CGM Group in launching a new Southeast Asia service linking Singapore, Colombo, and Chennai.
Other:
- The Chittagong Customs is destroying cargoes to free Chittagong port’s yard space. In response, some importers file cases in the courts so that their cargoes are not auctioned or destroyed.
- Congestion is lingering in Bangladesh. Importers are waiting around 11 days for their cargo to be released after arrival at the country’s seaports and a week at airports. The options on how to ease the paperwork of the entry procedure have already been presented.
- Deutsche Bahn and the German government have agreed to sell DB Schenker. The current valuation is between 12 and 20 billion euros.
- An empty container transportation center has started operations at the Port of Shanghai with the capacity to handle a throughput of 3 million TEU per year.
These are only several changes that occurred in more than 250 bn freight rates across 25 million routes with more than 1 million market players. Want to share some news about your company, services, and routes? Just post them on MAXMODAL, a multimodal network that digitally connects routes and rates worldwide to automate sales and operations across container transportation & logistics industry. Join to innovate.
