Last week we saw the USA and China agree on a 1 year pause on port fees to be imposed on each other’s linked vessels. This appears to have given renewed positivity to the liner companies and shippers, also with just under 7 weeks until Christmas, the next couple of weeks are the last chance to import goods Ex China to be available pre-Christmas in the States and Europe.
Freight rates climb sharply across key Asia routes
The effects of this news and proximity to Christmas have seen rates increase dramatically on FBX01 (China/East Asia – USA West Coast) increasing at the start of this week almost $1,000 or 50pct and ending this week at $2,956. FBX03 (China/East Asia – USA East Coast) is the only route Ex Far East that has come down in value this week by $96, ending the week at $3,532. FBX11 (China/East Asia – North Europe) increased $167 week on week, ending the week at $2,426. FBX13 (China/East Asia – Mediterranean) has shown a good gain week on week up $506 to $2,840 today, CMACGM have announced that they are increasing their FBX13 equivalent service rates into the $3,000’s from 2H Nov so we shall see if others follow suit.
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Source: balticexchange
