XENETA
says that the year has ended on a high note for container shipping lines
despite the lack of sulphur surcharge transparency stoking market fears.
This year has come to a close after two months of
increases in long-term contracted ocean freight rates across key trading
routes.
According
to the latest XSI Public Indices report from Xeneta, which provides market
intelligence based on real-time crowd-sourced data from leading shippers,
global rates rose 0.9 per cent in December, following a 0.9 per cent rise in
November.
Casting a shadow over this positive development, however,
is market confusion over IMO 2020-related sulphur surcharges.
Xeneta's indices report that utilises 160 million data
points covering 160,000 port-to-port pairings, shows that in December the index
increased by four per cent year on year.
"It's clearly been another good month for the liner
industry," said Xeneta CEO Patrik Berglund. "After
the prolonged period of long-term contracted freight rates decline it was
certainly needed. The huge spike in May, when rates soared by 11.5 per cent,
was an anomaly with prices continuing to fall away after that point.
"So, the moderate rise in November raised hopes that
that established trend had been broken, and this increase seems to confirm
that?for now."
In Europe the import index increased 1.7 per cent and is
now up 5.2 per cent year on year. Exports, meanwhile, climbed by two per cent,
driving the benchmark up 3.7 per cent compared to December 2018. Spot rates on
the key Far East-North Europe trade have also been climbing steadily since the
end of October.
Staying in the Far East, the XSI import figure rose by
3.8 per cent month on month, but still remains 13.1 per cent below the level
reported last December.
Far East exports were up by 0.6 per cent pushing the
benchmark up 2.1 per cent. US imports grew by 1.3 per cent and are now up 23.1
per cent year on year. The US export benchmark was the only one to show a
negative development in this month's report, with a slight fall of 0.1 per
cent. Nevertheless, it remains 9.5 per cent up year on year.
Some shippers report agreeing on fixed rates with
baked-in IMO 2020 charges for the first quarter of next year, with these rates
actually coming in at a lower level than pre-IMO contracted rates negotiated
earlier in 2019. Others have opted for a flexible approach, agreeing on
quarterly bunker adjustments, with a 'wait, watch and see' approach, while a
further group have adopted a mix of both strategies.
Mr Berglund comments: "If shippers can delay
procurement of new freight rates for as long as possible, it is advisable to
wait and sit it out for the first quarter of 2020. Delaying negotiations and
monitoring freight rate developments over Q1 should provide a better view on
how to navigate upcoming freight rate negotiations.
Source : HKSG.
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