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China-Italy freight continues: almost $ 200 less in the last week

The rates for sending a 40 ‘container on the route are down by 2% to $ 8,587

The decline in freight rates for container transport by sea continues without interruption, including on the Shanghai – Genoa trade. After arriving last week at an average price of $ 8,779 for sending a 40 ‘box, their amount in the last 7 days, according to Drewry, has dropped again to $ 8,587, or $ 192 and 2. % in less. ٍShipping Italy reported 

In this case, the drop in rates is part of a generalized decline, equal, according to the composite index of the analysis company, to 3% on average on a global scale, for an average of $ 6,224.

The biggest drop, among the analyzed routes, was the one (-5%) found on the Shanghai – Rotterdam, which with a cost of $ 8,430 thus returns to be cheaper than the one from the Chinese port to Genoa, the protagonist last week of a (momentary) overtaking

Freight rates for the transport of containers by sea from China to the west coast of the United States are now also falling significantly, amounting to $ 6,521 (-5%). The Rotterdam – Shanghai route drops slightly (-1%, $ 1,187), while Los Angeles – Shanghai ($ 1,253), Rotterdam – New York ($ 6,936) and the much more expensive Shanghai – New York ($ 9,710) are stable ), while the cost of shipments from New York to Rotterdam recovered slightly (+ 1%, $ 1,298).

The trend remains unchanged, according to Drewry analysts are also forecasting a decline in its index in the coming weeks.

Greenfield container port projects back in favour with terminal operators

Global container port capacity is projected to increase by an average annual rate of 2.4% to reach 1.38 billion teu by 2026. However, the worsening economic and geopolitical situation has led to a downgrading of the cargo demand outlook, and as a result container port utilisation is now projected to moderate to 70% in 2025 compared to last year’s projection of 75%.

Changes to Drewry's global port capacity forecast

While the majority (70%) of GTO investment plans remain focussed on existing assets, there has been a notable increase in the number of greenfield projects – with CMA Terminals, Hutchison and TIL all expected to add 4 mteu or additional greenfield capacity by 2026.

Capital expenditure bounced back in 2021, rising 31% YoY, but operators now face the twin challenges of longer lead time for handling equipment and rapidly rising costs.

Drewry’s research also identifies that the pace of fund raising has slowed since 2020, with rising interest rates putting a brake on the market. In general, favourable terminal operator financial performance has translated into robust balance sheets. With the exception of COSCO Ports and ICTSI, net debt fell, leading to a reduction in net gearing by 8.5 percentage points to 54.7%.

APM Terminals reported the largest absolute increase in equity-adjusted volumes, with volumes up 4.7 mteu (10.3%) YoY.

Leading global/international terminal operators, equity-adjusted throughput, 2021

Leading global/international terminal operators, equity-adjusted throughput, 2021

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