Ocean freight rates drop sharply

Shipping rates are decreasing in August 2024 - Photo: CONG TRUNG

Notably, in August 2024, shipping routes from Asia to the West Coast of the US and Europe recorded the sharpest decline, ranging from 20-30% compared to the previous month.

Compared to the peak period in September 2021, when the global supply chain was severely disrupted due to the COVID-19 pandemic, ocean freight rates have dropped by 44%.

Notably, the average weekly price reduction is 3-4%, reflecting a steady downward trend that is expected to continue in the coming time.

Mr. Nguyen Thanh Tuan, director of Blue Sea Commercial Transport Company (Phu Nhuan District, Ho Chi Minh City), said that although freight rates have cooled down, they are still high compared to before the pandemic.

Specifically, the freight rate for shipping goods from Europe is around 6,000 - 8,000 USD/40-foot container, from Asia to the West Coast of the US ranges from 5,000 - 6,000 USD/container. The East Coast route of the US remains high, ranging from 9,000 - 10,000 USD/container.

Similarly, Mr. Nguyen Hoai Chung, CEO of Phattaa - Vietnam's international logistics trading floor - also said that freight rates from Asia to North America have dropped to 6,356 USD/40-foot container, down 1.52% compared to early August and down 19.28% compared to the previous month.

Adding more ships to the trans- Pacific trade route has helped ease the pressure on space, especially at ports in the southwest Pacific, Chung said.

According to the Vietnam Maritime Administration, shipping rates will continue to decrease in the coming time, after the congestion at major ports around the world has been completely resolved.

This is a golden opportunity for export businesses to take advantage of lower transportation costs to boost business activities, expand markets and seek strong growth in the final months of the year.

Source: https://tuoitre.vn/cuoc-van-tai-bien-giam-manh-20240821231951762.htm