The rate pressure is higher than ever with the announced general rate increase on July 1, where ocean carriers are attempting to push GRI's up to $1000 per 20-foot container - the highest increase ever. The rates are expected to rise from today's levels, as the average prices for trade lanes like Shanghai to Rotterdam is as low as $877 per 20-foot and $1,488 per 40-foot, last tracked on the 26th of June. Compared to May, that's a 13-percent decrease on a 40-foot and a 10-percent decrease on a 20-foot.
"We saw in March after the GRI was released that the prices held steadily for a couple of weeks, but dropped significantly in the beginning of April. So it's pure guesswork to say how long prices will hold with ocean rates being as volatile as they are," says COO of Xeneta, Thomas SÃ¸rbÃ¸. "The lowest rate we've seen per today is less than $500 on Qingdao to Le Havre for a 20-foot container."
Xeneta's market index also reports that the average rate for a 40-foot container, on several other key trade lanes like Shanghai to Felixstowe, was at $1,500 and Tianjin to Antwerpen was at $1,583. These two trade lanes are just a small part of the growth Xeneta has seen with its 2300 port pairs, and it continues to grow as more shippers and suppliers take part.
Enjoy curated articles directly to your inbox.