Ocean freight rates gradually recover

The latest data from maritime market research platform Drewry shows that the composite World Container Index is $2,795 per 40-foot container, 97% higher than the 2019 (pre-pandemic) average of $1,420.

Sea freight rates on shipping routes have gradually recovered compared to the end of 2023 (Illustration photo).

The average composite index year-to-date is 3,333 USD/40-foot container, 626 USD higher than the 10-year average of 2,707 USD (which increased due to the special Covid period of 2020-2022). While at the end of 2023, this index corresponds to about 1,747 USD/40-foot container.

According to Giao Thong Newspaper's research, freight rates on many transport routes are higher than at the end of 2023. Specifically, freight rates on the Shanghai - New York route are currently around 4,710 USD/feu. Freight rates from Rotterdam - Shanghai are around 767 USD/40-foot container. Freight rates from Shanghai - Los Angeles are around 3,634 USD/40-foot container. Compared to the end of 2023, these prices are 2,881 USD, 1,633 USD and 1,959 USD, respectively.

Drewry expects trans- Pacific spot freight rates to ease slightly, while trans-Atlantic and Asia-Europe trades are looking to stabilize in the coming weeks.

World shipping rates are warming up, leading to increased rates in the Vietnamese shipping market.

According to a shipping company, the domestic shipping market was not much affected by world shipping rates, but has gradually recovered in recent times.

Currently, sea freight rates on the Hai Phong - Ho Chi Minh City route have increased by about 20-30% compared to the end of 2023.

"The goods market has gradually recovered after Tet, so transport businesses have "breathed easier". In addition, some businesses have withdrawn ships from domestic routes to run international markets, causing the domestic supply of ships to decrease, pushing up freight rates," the business said.

This can be clearly seen through statistics of the Vietnam Maritime Administration, the volume of goods passing through seaports in the first 3 months of 2024 is estimated to reach more than 186 million tons, an increase of about 8% over the same period in 2023.

The recovery of shipping rates is also reflected in the listed prices of shipping lines. According to the listed prices of some shipping lines from the beginning of 2024, the Hai Phong - Ho Chi Minh City route is applying a rate of 5-9.5 million VND/20-foot container and 7-13.5 million VND/40-foot container.

In the opposite direction from Ho Chi Minh City to Hai Phong, the listed fare ranges from 3.5-8.5 million VND/20-foot container and 5.5-12.5 million VND/40-foot container.

Meanwhile, at the end of 2023, some shipping lines listed freight rates at only VND 150,000/20-foot container and VND 3.6 million/40-foot container on the Hai Phong - Ho Chi Minh City route.

In fact, according to experts, the listed price does not reflect the real price that shipping lines sign with customers. Because for each customer, shipping lines will have different policies for loyal customers, transient customers... Most shipping lines do not disclose the real freight rates for business confidentiality reasons.

Source: https://www.baogiaothong.vn/cuoc-van-tai-bien-dan-phuc-hoi-192240418184428725.htm