Container transport contracts are still decreasing. This was stated a few weeks ago by Xeneta, the leading benchmarking platform for shipping rates, which released data for the August period.
According to the analysis carried out by Xeneta, the level of rates for container transport contracts in the reported month fell by a further 7.8%.
Here is, in particular, the data released.
Analyses in detail
When considered in relation to the previous month, the largest decline was in contracts for imports to the US, -14.9%. Contracts for imports to Europe declined by 3.4%, resulting in an overall fall of 60.1% compared to the previous year.
Contracts for exports from the Far East also declined, down 14.2%. And in terms of trade routes?
The largest decline was recorded on the Shanghai-Rotterdam route, which fell by 4%. Freight rates on the Shanghai-Genoa route fared better, however, recording a decline of only 1%.
These figures confirm a trend that has been going on for some time and which could signify the need for shippers to renegotiate their contracts.
Reefer containers VS dry cargo
Another interesting piece of data that completes the picture of container shipping comes from the Reefer Shipping Annual Review and Forecast, published a few weeks ago by UK-based maritime consultancy Drewry.
According to the report, it appears that reefer container transports have decreased from their peak in the third quarter of 2022, but at a slower pace when compared to dry cargo shipping.
The average rates of the top 15 international carriers dedicated to reefer shipping are reported to have fallen by 22% over the year, yet remain above pre-pandemic levels by around 60%.
The company’s overview for 2024 predicts rates still above pre-Covid levels, with a more moderate gradual decrease for reefer containers than for dry cargo.
Marfreight has always worked alongside its customers, offering the best solution in terms of quality and convenience. Our quotations, of course, follow market trends, but we constantly strive, including through well-established relationships with leading carriers, to study the best, most advantageous and efﬁcient solutions in terms of cost and punctuality.