On April 4th, during the extended holiday week, China’s export container shipping market remained basically stable. Due to differences in the supply and demand fundamentals on various routes, trends continued to diverge, with the composite index experiencing a slight increase. According to data released by S&P Global, the Caixin China Manufacturing Purchasing Managers’ Index (PMI) for March was 51.1, continuing to rise month-on-month and indicating that the manufacturing sector’s health has been improving for five consecutive months. This suggests a stable to positive outlook for the Chinese economy, which will provide long-term support for China’s export container shipping market. On April 3rd, the Shanghai Shipping Exchange announced the Shanghai Export Containerized Freight Index at 1745.43 points, up 0.8% from the previous period.
On the European route, according to S&P Global’s March Eurozone Manufacturing PMI final value of 46.1 was below the previous value, hitting a three-month low and remaining in contraction for the 21st consecutive month. The data indicates that the Eurozone manufacturing sector continues to contract, with growth expectations still relatively weak, further impacting the job market and casting some uncertainty over Europe’s economic growth prospects. The shipping market was generally stable before the extended holiday, with a balanced supply-demand relationship and steady freight rates. On April 3rd, the freight rate (sea freight and surcharges) from Shanghai port to basic ports in Europe was $1,997/TEU, a slight increase of 0.2% from the previous period. The Mediterranean route, market conditions kept in sync with the European route, with a slight increase in market freight rates. On April 3rd, the freight rate from Shanghai port to basic ports in the Mediterranean was $3,014/TEU, up 0.2% from the previous period.
On the North American route, recent data shows signs of a slowdown in the U.S. job market. Additionally, inflation data has rebounded continuously, forcing the Federal Reserve to keep interest rates at highs not seen since the financial crisis. Against the backdrop of high inflation and interest rates, the prospects for future U.S. economic growth are not optimistic. This week, transportation demand lacked further growth momentum, and the supply-demand balance was not ideal, with market freight rates continuing a downward trend. As the North American route enters the contract signing season, market sources indicate that a rate increase plan will be implemented. On April 3rd, the freight rates from Shanghai port to basic ports on the West and East Coasts of the U.S. were $3,308/FEU and $4,359/FEU, respectively, down 2.9% and 2.0% from the previous period.
On the Persian Gulf route, with the end of Ramadan approaching in the destination countries, transportation demand is steadily improving, the supply and demand fundamentals continue to get better, and spot market booking prices keep rising. On April 3rd, the freight rate from Shanghai port to basic ports in the Persian Gulf was $1,894/TEU, up 11.6% from the previous period.
On the Australia and New Zealand route, local demand for various goods continues to linger at low levels, with an unfavorable supply-demand balance, and market freight rates continue a downward trend. On April 3rd, the freight rate from Shanghai port to basic ports in Australia and New Zealand was $701/TEU, down 3.8% from the previous period.
On the South American route, transportation demand continues to grow, with a good supply-demand relationship, and market freight rates continue to rise this week. On April 3rd, the freight rate from Shanghai port to basic ports in South America was $3,082/TEU, up 10.5% from the previous period.
On the Japan route, transportation demand remains stable, with a slight decline in market freight rates. On April 3rd, the freight index for China’s exports to Japan was 742.04 points.
[Source – 上海有色网] 中国出口集装箱运输市场：假期市场基本平稳 远洋航线继续分化【周度报告】 https://news.smm.cn/news/102695873
