Container freight rates on trades out of India have begun to rebound after recent downward corrections from the Red Sea crisis-linked highs, according to an analysis of market data for June by Container News.
Short-term contract
On the westbound India-Europe trade, average short-term contract rates for bookings from West India [Jawaharlal Nehru Port (JNPT)/Nhava Sheva or Mundra Port] to Felixstowe/London Gateway (UK) in April have climbed to US$3,100 per 20-foot container and US$3,200 per 40-foot container, from US$2,700 and US$2,500, respectively, at the end of May.
For Indian loads to Rotterdam (the Netherlands), June rates have stood at US$3,100 per 20-foot container and US$3,200 per 40-foot container, up from US$2,750 and US$2,550 in May.
For West India-Genoa (the West Mediterranean) bookings, rates have risen to US$3,300/TEU, from US$2,700, and US$3,400/FEU, from US$2,800, the CN analysis shows.
For trades from the West Mediterranean (Genoa) to West India, June rates have seen no changes month-on-month, at US$800/TEU and US$1,400/FEU.
However, for the West India-US Gulf Coast (Houston) trades, May rates have continued to drop, down to US$3,300/TEU and US$3,600/FEU, from US$3,500 and US$4,000, respectively, at the end of May, according to the CN analysis.
Short-term contract rates on the US East Coast-West India trades (return leg) have held firm month-on-month, hovering at US$550/TEU and US$800/FEU. From the US West Coast to West India, booking rates have soared to US$2,000/TEU and US$2,300/TEU, from US$1,300 and US$1,500, respectively, in late May.
For West India-Shanghai (Central China) trades, rates have also remained in negative territory, at as low as US$5 per TEU or FEU.
Also, for West India loads to Singapore, carriers are also accepting bookings at as low as US$5/TEU or FEU.
June rates for West India-Jebel Ali (Dubai) bookings have ticked up to US$250/TEU, from US$200, and US$300/FEU, from US$250.
“The positive growth momentum for the second month in a row during 2024-25 on the back of buoyant order bookings goes to show the resilience of the exports sector and Indian exporting community,” Ashwani Kumar, president of the Federation of Indian Export Organisations (FIEO) said in a statement.
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Source: Containernews
