Overall
This week, the Drewry composite index increased by 4%. Freight rates between various ports have shown diversity; rates from Rotterdam to New York remained stable. Rates from Shanghai to Los Angeles increased by 1% and Shanghai to New York remained stable. The ILA port strike, which began on October 1, 2024, ended after three days on October 4, 2024. After a decline since August, spot rates ex-China increased this week, and we expect this trend to continue as the Christmas rush intensifies.
Ocean – TPEB: Volumes are showing strong recovery in November, largely driven by a surge from China due to anticipated tariff increases. Rates vary across routes between China and Southeast Asia, and East Coast volumes are returning to normal levels. Some routes are fully booked or experiencing capacity constraints. Fixed rates and Peak Season Surcharges (PSS) remain steady through the first half of the month.
Ocean – FEWB: Bookings are picking up to avoid higher freight costs for later November departures, with vessels projected to reach full capacity. A 15-18% capacity reduction is anticipated with ten blank sailings planned for November. The first half of November’s General Rate Increase (GRI) may settle at a moderately high level, while a second-half GRI is expected to reach a higher range. The Shanghai Containerized Freight Index (SCFI) saw an increase in week 44, with further upward adjustments expected. Premium services are reintroduced, offering guaranteed space for shippers needing specific departure dates or service transit times.
Ocean – TAWB: In North Europe, demand is steady as the seasonal peak before the Christmas period supports strong carrier utilization. Rates remain stable, although some carriers are reviewing Peak Season Surcharge (PSS) adjustments from October. East Mediterranean demand is stable with high utilization, while demand in the West Mediterranean is increasing. Blank sailings are contributing to full utilization and prompting further rate adjustments for November, extending the trend from previous months.