Recently, the global shipping market is facing the serious challenge of "double shortage of ships and boxes", the spillover effect is significant, leading to a rare surge in freight rates on the near-ocean routes. According to the shipping industry, a number of well-known shipping companies have announced that since June will be on the near-ocean routes to increase the peak season surcharge (PSS), is expected to increase the magnitude of the current tariffs of at least more than 50 per cent growth.
In the four major routes offer a substantial increase in the promotion of Australia and New Zealand, West Africa, South Africa, South America and Southeast Asia routes of the tariffs have also soared, indicating that the container shipping market is about to usher in the ocean and ocean tariffs synchronised with the substantial growth of the new pattern. It is learnt that among the three heroes of Taiwan's container shipping, Wan Hai Shipping is the first to benefit from this market change due to its perfect layout of oceanic routes, while Yang Ming Shipping and Evergreen Marine's operations are also warming up at the same time.
The increase in peak season surcharge covers a wide range of routes from Greater China to Asia. The surcharges are levied on a case-by-case basis due to differences in market demand on different routes. Since 1 June, including Taiwan, mainland China, Hong Kong, Vietnam, Indonesia, Japan, Cambodia, South Korea, Laos / Myanmar, Malaysia, the Philippines, Singapore and other regions of the route will be increased PSS. this increase compared to the existing tariffs increased by at least 50%, the rate of increase of the significant, is rare.
Shipping industry in-depth analysis pointed out that the recent surge in global freight rates for multiple and complex reasons. On the one hand, the Red Sea crisis led to ships need to bypass the Cape of Good Hope, the voyage distance lengthened, which increased the number of days of use of global ships and containers. On the other hand, due to the shortage of capacity, some ships had to take measures to stop working, and the reduction of supply further pushed up freight rates. In addition, container shortages and port congestion also exacerbated the market supply and demand conflicts, so that the major shipping companies have to deploy containers from the relatively low tariff routes to the four major routes, in order to cope with the surge in market demand.
In this context, Asia to West Africa, South Africa, South America and other routes offer more than two per cent. To the Far East to South Africa route, for example, per 20-foot container tariff has reached 3,365 U.S. dollars, a weekly increase of up to 26.6 per cent; and the Far East to South America route per 20-foot container tariff reached 6,686 U.S. dollars, a weekly increase of 22.4 per cent. These data show the degree of tension between supply and demand in the global shipping market, as well as the strong momentum of rising freight rates.
Domestic shipping industry generally believe that since the first quarter of this year, freight performance has been compared to the same period last year has improved significantly. The Shanghai Containerised Freight Index (SCFI), for example, has climbed to an average of 2,010 points in the first quarter of this year, up 921 points since its average value of 1,089 points in the fourth quarter of 2023. This indicates that freight rates have continued to rise in the wake of the Red Sea crisis. In addition, since April this year, SCFI has rebounded for six consecutive weeks, reaching 2,520.76 points as of 17 May, an increase of 44%. This trend is expected to be further reflected in the revenue and profit performance of shipping companies after April.
https://www.cnss.com.cn/html/hygc/20240527/353460.html
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