The global container index has been at 2018 highs over the past two weeks. Falls on the transpacific lanes were largely offset by rises on the China-Europe lanes:
Three trends to note:
- Global Ocean Rates Stay Up - The last two weeks ($1,371/FEU preceded by $1,376) has seen the global freight index at the highest point it’s been all year - currently 7% up on last year’s rates. Falls on the Transpacific lanes were largely offset by rises on the China-North Europe (up 6% from $1,628 to $1,723) and China-Mediterranean lanes (up 4% from $1,919 to $2,005).
- Transpacific Rates Shake Off GRI - Transpacific ocean freight rates have returned to pre-June 1 GRI levels. China-East Coast is slightly up on two weeks ago ($2,369/FEU from $2,344/FEU), while China-West Coast returned to $1,308/FEU.
With the June 15 GRI canceled, the next temporary boost will be July 1 when another GRI is due, as well as the EBS taking effect.
- Air Freight Rates In Perfect Balance - Over the past three months, the upward pressure on prices caused by increasing air fuel prices has been counterbalanced by a decreasing load factor. Since late March, air freight prices have stalled at $2.90-$5.00 for China-US (average general rates and average express rates), $2.80-$4.50 for China-Europe, and $1.80-$2.70 for Europe-US.
