The container shipping world has been cheered by rising spot rates on Shanghai Containerised Freight Index (SCFI) and is now looking forward to a profitable peak season, reports London's Loadstar.
The index, which collates rates quoted, shows trade between Asia and the US west coast will see rates rise 10.5 per cent, to US$2,074 per FEU as the peak season gets under way.
Good news for carriers comes from the Asia-US east coast with rates rising 8.9 per cent to reach $3,099 per FEU and analysts predicting a year-on-year improvements, noting that 12 months ago rates started to decline.
"We expect 2018 will avoid this trend, and that transpac rates over peak season will be around 10-15 per cent above 2017 levels, and Asia-Europe around five per cent," said Maritime Strategies International analyst Daniel Richards.
Casting a pall on the happy news is the threat of a Sino-American trade war, with another round of tariffs.
"Early indications from US ports and bills of lading processing suggest that June import volumes surged, perhaps suggesting 'panic-buying' as the trade war scenario worsened," said Mr Richards.
"While the noise around the imposition of trade tariffs focuses on the mainlane trades, their potential impact will be felt more widely. It now seems unavoidable that the US and China will levy tariffs on the large part, and quite possibly all, of their bilateral trade flows.
"The largest effects will be felt on the eastbound transpacific, but the key area to watch is how far tariffs on US imports risk disrupting complex cross-border supply-chains which feed into finished products, and which are especially key to the high density of regional and feeder services in the intra-Asia market," he said.
Shanghai rates now have the Far East-North Europe run adding one per cent to $935 per TEU, while the Shanghai-Mediterranean leg declined 1.3 per cent to $881 per TEU.
Sources:Schednet
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