Meanwhile, spot rates from Asia to South America continue a rapid and steady rise.
Global container shipping continues to struggle with disruptions and rate instability. Adding to this is global port congestion, which continues to put pressure on supply chains. According to Drewry, last week in Europe, waiting times for berths reached 23 hours in Rotterdam and 41 hours in Antwerp. Delays are also increasing in the Asian ports of Shanghai, Singapore, and Port Klang, with transshipment bottlenecks particularly acute in Singapore. Meanwhile, major US ports, such as Los Angeles and New York, remain congested, causing vessel backlogs, longer transit times, and increasing complexity in inland transport networks.
Adding to the pressure is the surge in anticipated cargo shipments on the China-U.S. trade route, as importers rush to ship their cargo ahead of a possible change in tariff policy on August 14.
In response, shipping lines have significantly reduced itinerary cancellations (blank sailing). In fact, there were 52% fewer cancellations scheduled on the U.S. East Coast, dropping from 23 to just 11; and 28% fewer on the West Coast, dropping from 33 to just 24 between May and June.
On key global routes: Transpacific, Transatlantic, and Asia-North Europe and Mediterranean, 55 itineraries will be canceled between weeks 24 and 28 (June 9 to July 13), out of a total of 709 scheduled sailings, representing an 8% cancellation rate.
Overall, it is projected that blank sailing On the main East-West shipping routes, the volumes fell by 24% in June and 55% in July, in line with the increase in demand and volumes transported, especially on the Trans-Pacific routes.
Evolution of rates
Of course, the increased demand, which is putting greater pressure on transpacific routes, is accelerating the rise in spot rates. This has also been spurred by the general rate increases (GRIs) implemented by shipping lines starting June 1.
As a result, the Global Composite Spot Rate Index (WCI) of Drewry, As of June 6, the rate posted a surprising 41% week-over-week increase to US$3.527/FEU. While spot rates on the Transpacific were up 46%, Asia-Europe/Mediterranean rates were up 36%, and Transatlantic rates were up 2%. Further increases are expected in mid-June.
On the other hand, the rapid and continued increase in spot rates on the Shanghai Containerized Cargo Index (SCFI) from Asia to the west coast of Central and South America is striking, now reaching US$4.583/TEU, compared to US$1.585/TEU just three weeks ago. Meanwhile, the rate to the east coast of South America is now US$3/TEU, compared to US$3.959/TEU just three weeks ago. As previously explained, this could be due to a contagion or “domino” effect resulting from what is happening on the main Trans-Pacific routes to both US coasts.
Meanwhile, in the Red Sea…
Regarding the Red Sea crisis, the main disruption currently affecting maritime transport and one that has lost media attention due to the frenetic tariff race led by the Donald Trump administration, it should be noted that CMA CGM is once again taking a small step toward exploring a possible normalization of this strategic route.
This follows the announcement of the transit of its ‘EPIC’ service through the Suez Canal, connecting the Indian subcontinent and the Middle East with Europe. According to the maritime industry analyst Lars Jensen, the itinerary would correspond to a return journey ad-hoc eastward through the Suez Canal on the “CMA CGM Aquila,” which departed on June 5 from the port of Algeciras, Spain. A similar case would be carried out by the “CMA CGM Jules Verne” of the ‘MEX’ service. In both cases, the Suez Canal is not considered a regular transit route; however, both itineraries may be setting a precedent in this regard.
Source: Mundo Marítimo
