No change from last week. Container shipping rates remained at an average of $1,852/FEU. Market stability was ensured by a downturn in transpacific trade tariffs, which was offset by a directly proportional increase in freight rates on routes between Asia and Europe.
Rates on the Shanghai-New York and Shanghai-Los Angeles trade lanes have fallen for the second week running, down 10% and 7% respectively on a weekly basis, to $2,922 and $2,172 per FEU. Drewry forecasts a further drop in freight rates for next week, due to less scheduled blank sailings and, hence, an increase in available capacity.
However, freight rates on the Shanghai–Genoa route were up 6% to $2,3197FEU. Likewise, on the Shanghai–Rotterdam one, tariffs rose by 8% to $2,193 per FEU. On the Asia-Europe route, the big carriers are trying to keep freight rates high with the aim of negotiating the annual renewal of long-term contracts from an advantageous position. From 1st December, the new FAK rates introduced by many shipping companies will come into effect, with tariffs ranging from $3,100 to $4,000 per FEU.
Translation by Giles Foster
