This week, the freight rate of Europe and the United States remained stable and volatile, and the freight rate of the Middle East and the Red Sea route rose due to the shortage of shipping space. According to Ningbo Shipping Exchange data, this week (October 16 - October 20) European route freight to maintain stable fluctuations, European route freight fell 1.1% from last week, the east route freight index rose 1.7% from last week; The Tiexi freight index rose 0.9% from the previous week.

         North American route transportation demand has recovered, spot market booking prices rose slightly, the United States East route freight rate increased by 3.8% from last week, the United States West route freight rate increased by 2.6% from last week. The Middle East route and the Red Sea route due to the shortage of shipping space led to the spot market booking prices continued to rise sharply, the Middle East route and the Red Sea route freight rose 22.3% and 25.5% respectively from last week. The 2M alliance has pioneered a "winterization program" where the Asia to Nordic Loop will be suspended for seven weeks to provide calls to other Nordic ports on the non-blank Loop. In the face of falling freight rates on the European line, the 2M alliance took the lead in launching a "winterprogram".

         MSC and Maersk will resume reducing coverage on the "winter route" between Asia and Northern Europe by December to mitigate the impact of falling demand and continued declines in route freight rates. At the same time, the Asia to Nordic loop of the 2M alliance will be suspended for seven weeks from the end of October. MSC also said it was taking steps to adjust capacity to accommodate slowing demand for trade between Asia and northern Europe. As an alternative to volume shippers, it can provide callers at other Northern European ports on non-blank loop lines
         From January 15, 2024, tolls for the Suez Canal will increase by 15%, and tolls for dry bulk carriers, general cargo ships, ro-ro vessels and other vessels will increase by 5%.Egypt's Suez Canal Authority recently announced that from January 15, 2024, the tolls for some ships passing through the Suez Canal will be increased. Starting from January 15, 2024, tolls for crude oil carriers, refined oil products carriers, liquefied petroleum gas carriers, liquefied natural gas carriers, chemical carriers and other liquid bulk carriers, container ships, vehicle carriers, cruise ships, and special floating facilities will increase by 15 percent, the statement said. Tolls for dry bulk carriers, general cargo ships, ro-ro vessels and other vessels will increase by 5%. Meanwhile, container ships sailing directly from ports in northern and Western Europe to ports in the Far East are not affected by the new round of price increases. In June 2023, Egypt's Suez Canal Authority announced that Suez Canal revenues reached $9.4 billion in the 2022-2023 fiscal year, up from $7 billion in the previous fiscal year. The Suez Canal is located at the crossroads of Europe, Asia and Africa, connecting the Red Sea and the Mediterranean Sea. Revenue from the canal is one of Egypt's main sources of state revenue and foreign exchange reserves.
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