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Container trading and leasing rates trends continue to rise – particularly on China to US route.
The average leasing rates from Shanghai to Los Angeles for 40 ft high cube containers increased by 67% from $703 in Q4 2023 (Oct-Dec) to $1173 in Q1 2024 (Jan-Mar). China to Canada leasing rates rise by 64% in March from February. Ningbo to Oakland routes’ rates surged by 92% in one month (from February to March 2024). Stay elevated so far in April (after declining from $1963 in March to $1503 so far in April, as on 22 April 2024). Source: Container xChange
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International trade: Challenges ahead for merchandise trade after contracting in 2023
As the global economy expanded by 2.7 per cent in 2023, recent data releases point to a contraction, in real terms, of global merchandise trade of about 1 per cent during 2023. Should final numbers confirm this scenario within the next few months, 2023 will be the first annual episode in at least four decades4 during which the direction of world merchandise trade diverges from that of global economic activity. Annual contractions in real terms of global merchandise trade are unusual. In the forty years leading to 2023, global merchandise trade had shrunk only twice: in 2009, at the height […]
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Port decarbonisation: trends and lessons learned
While the maritime industry has focused squarely on emissions from ocean-going vessels, relatively less attention has been given to port emissions. These emissions are difficult to measure, in part because ports’ emissions come from sources outside of direct control of the port, including vessels, rail and trucks. This report aims to provide a concise but insightful update on the port decarbonization landscape. It contains information on trends and lessons learned that will help ports, terminal operators, vessel operators, community stakeholders, policymakers and others work together toward maritime decarbonization targets.
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Traffic volumes from West Coast U.S ports – April
Inbound loads in March at the Port of Long Beach (302,521) were up 8.4% from a year earlier and up 22.5% from March 2019. Outbound loads at the port (105,099) fell 21.3% from the same month last year and were down 20.0% from March 2019. At the Port of Los Angeles, inbound loads (379,542) were up 18.6% from a year earlier and represented an impressive 22.7% increase over March 2019.
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Geopolitical conflict threatens yet another shipping choke point
Global shipping routes are already heavily impacted from the Red Sea to the Gulf of Aden because of ongoing geopolitical strife. If the Strait of Hormuz is in any way disrupted, the impact on oil and global trade could be huge
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Normalisation of ship routings could cool dry bulk market
Dry bulk freight rates are expected to stay strong in the near term but could cool starting in the second half of 2024. As transits through the Red Sea and Panama Canal rebound, sailing distances are expected to shorten. In 2025, freight rates may weaken as supply grows faster than demand. Source: BIMCO
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