Below is a short Analysis for 20’ containers and the rates are as per market feedback which might vary as per spot and other factors.
For September 2024 – There has been a light of hope in the shipping market – space has opened up and there is a rate reduction for nearly all destination by around 10%.
Last 3 months overview.
- Situation was pretty bad in July when most of shipping lines were unable to provide space and ocean freights were soaring.
- In August the situation eased up and moving forward to September its looks better.
- In September – We might not see a strong reduction in freight but shipping lines are able to provide space since the beginning of the month.
Reason for rate reduction in September
- The peak season for Chinese exports has ended.
- Port congestion and vessel waiting time has reduced at Colombo, Singapore etc.
- Container imbalance has improved.
Future prediction
- It seems that since October the Freight rate will reduce further.
- Many vessels and containers which were ordered in past years are to be in the market by this year-end which will lead the increase in space compared to present demand and reduce the freight further.
