World News
Sharp Drop of Almost 25% for Asia-Europe Box Rates
Data from the Shanghai Containerized Freight Index shows that container rates on Asia to Northern Europe routes fell to $932 per TEU in the week ending last Friday, a 24.4 percent drop from the previous week.
As Ship & Bunker previously reported, during the previous week, which ended January 1, freight rates for Asia to Northern Europe routes had jumped 115 percent to $1,232 per TEU.
On Friday, Ship & Bunker reported that Drewry Shipping Consultants Limited (Drewry) said that data from its Drewry Benchmarking Club Contract Rate Index shows contract ocean freight rates on major East-West trade routes experienced another fall in 2015's last quarter due to falling bunker prices, overcapacity, and "intense competition" between carriers.
Also last week, it was reported that in its latest Container Forecaster report Drewry said freight rate reductions will escalate and losses will exceed $5 billion in the container shipping sector in 2016 due to the further widening of the supply and demand imbalance.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 510.00 | 2.50 | 611.00 | 4.00 |
| Rotterdam | 477.00 | 1.00 | 618.50 | 4.00 |
| Houston | 469.50 | 0.50 | 610.00 | 2.00 |
| Fujairah | 501.50 | 1.50 | 708.50 | 3.50 |
| Global 20 Ports Average | 532.00 | 2.00 | 711.50 | 0.00 |
| Global 4 Ports Average | 489.50 | 0.50 | 637.00 | 0.50 |
| Global Average Bunker Price | 571.00 | 1.00 | 759.00 | 0.50 |
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