The freight rate has fallen for 17 consecutive weeks, and the shipment tide is coming?
May 29, 2024, 11:58 AM
TDD-global
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Highlights at a glance
On May 16, Shanghai announced a full recovery plan from COVID-19 starting June 1. With all 16 districts achieving social clearance, the manufacturing sector is expected to see a surge in exports. Despite ongoing challenges in freight rates, industry experts predict a boost in shipping demand by late May, driven by the recovery in production and policy support.
At 10:00 a.m. on May 16, Shanghai held a press conference on the prevention and control of the new crown pneumonia epidemic. Zong Ming, deputy mayor of Shanghai, introduced that normal production and living order will be fully restored from June 1 to mid-late.
At the press conference on the prevention and control of the new coronary pneumonia epidemic in Shanghai held on May 17, Zhao Dandan, deputy director of the Shanghai Municipal Health Commission, revealed that at present, 16 districts in the city have achieved social zero.
As Shanghai is approaching the full unblocking, the journey of export recovery in East China and even China is about to begin!
The Shanghai Stock Exchange released the latest one-week export container freight index SCFI on the 13th, falling for 17 consecutive weeks, down 0.38% to 4147.83 points, only the freight rate of the US-Western route rebounded slightly by 0.15%, and the freight rate of the other major routes continued to be sluggish; accumulative SCFI so far this year The decline was 18.82%, mainly dragged down by the 24.65% drop in the European route. As for the US east route, which fell by 10.76%, and the US west route, which fell by 1.18%, the decline was limited in a consolidation pattern.
A number of airlines and freight forwarding practitioners said that due to the conflict between Russia and Ukraine and the epidemic control, the limited transportation of raw materials, semi-finished products, and finished products is the key to the continued decline in market freight rates.
At present, all 16 districts of Shanghai have achieved social clearance, and the resumption of work and production is also progressing steadily. It is expected that the volume of goods will gradually pick up in the short term. With the accelerated resumption of work and production and policy support, the manufacturing industry will see a wave of retaliatory shipments, and the shipping industry is expected to usher in relatively strong market demand. At that time, the pressure on the supply chain will increase again, supporting the rise in freight rates. The industry expects to see a boost in volume at the end of May and early June at the earliest.
At the press conference on the prevention and control of the new coronary pneumonia epidemic in Shanghai held on May 17, Zhao Dandan, deputy director of the Shanghai Municipal Health Commission, revealed that at present, 16 districts in the city have achieved social zero.
As Shanghai is approaching the full unblocking, the journey of export recovery in East China and even China is about to begin!
The Shanghai Stock Exchange released the latest one-week export container freight index SCFI on the 13th, falling for 17 consecutive weeks, down 0.38% to 4147.83 points, only the freight rate of the US-Western route rebounded slightly by 0.15%, and the freight rate of the other major routes continued to be sluggish; accumulative SCFI so far this year The decline was 18.82%, mainly dragged down by the 24.65% drop in the European route. As for the US east route, which fell by 10.76%, and the US west route, which fell by 1.18%, the decline was limited in a consolidation pattern.
At present, all 16 districts of Shanghai have achieved social clearance, and the resumption of work and production is also progressing steadily. It is expected that the volume of goods will gradually pick up in the short term. With the accelerated resumption of work and production and policy support, the manufacturing industry will see a wave of retaliatory shipments, and the shipping industry is expected to usher in relatively strong market demand. At that time, the pressure on the supply chain will increase again, supporting the rise in freight rates. The industry expects to see a boost in volume at the end of May and early June at the earliest.
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