shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Carriers get tougher on blankings as earnings tumble, but GRIs hold

Carriers get tougher on blankings as earnings tumble, but GRIs hold

by Joshua
August 16, 2023
in Coast To Coast

Ocean carriers appear to have held onto most of their August GRI gains this week on the transpacific and Asia-Europe tradelanes – and have halted the spot rate erosion on the transatlantic.

Xeneta’s XSI Asia-North Europe spot rate component ticked down slightly, by 2.5%, for an average of $1,692 per 40ft, after a 31% jump the previous week.

The average rate falls below the circa-$2,000 per 40ft FAK rates the carriers were seeking, but they will still regard their GRI campaign as a success, and a platform from which they can launch another GRI for September.

Moreover, rates from China to North Europe are still available at $1,300 or less from a few carriers, with a validity of two weeks.

Nevertheless, Asia-North Europe carriers are being more judicious in their capacity management, including top-ranked MSC, which has voided the sailing of a standalone relaunched loop for the past two weeks.

Notwithstanding the political importance of the May-relaunched with extra calls standalone Swan loop to the Geneva-headquartered carrier, MSC has not hesitated to cancel the sailing as a consequence of soft demand. The 13,988 teu MSC Deila won’t depart from China this week as advertised.

The proactive approach by carriers to capacity management chimes with the bleak outlook for liner profits given by Maersk and Hapag-Lloyd during Q2 earnings presentations. Hapag-Lloyd CEO Rolf Habben Jansen told analysts yesterday there were a number of tradelanes where “rates are clearly below cost”, and “unsustainable”.

He said supply growth would continue to outpace demand into 2024, which meant, he said, “we actively need to manage costs again as we used to in the past”.

However, container spot rates on the more robust Asia-Mediterranean route seem not to have felt any pressure from an injection of extra capacity, Drewry’s WCI reading staying flat this week, at $2,072 per 40ft.

On the transpacific, targeted capacity management is also playing a big part in holding onto recent GRI gains, with the XSI Asia to US west coast reading edging up 3.5% this week, to $2,006 per 40ft. And for the east coast, the Freightos Baltic Index (FBX) spot recorded a jump of 9% on the week, to $2,904 per 40ft.

This could have been driven by the spike in the number of days ships are having to wait to transit the Panama Canal, a delay caused by a reduction in the number of vessels allowed to use the waterway daily due to low water levels.

Elsewhere, on the transatlantic tradelane, the collapse in spot rates has bottomed-out with all the indices basically stable this week, at rates of between $1,600 and $1,700 per 40ft.


Related Posts

Jobs Threatened As Port Of Liverpool Begins Consultation With Union

Jobs Threatened As Port Of Liverpool Begins Consultation With Union

September 25, 2023
Novatek’s Former CFO Gets Seven Years for Hiding Offshore Funds From IRS

Novatek’s Former CFO Gets Seven Years for Hiding Offshore Funds From IRS

September 25, 2023
Brazilian Navy Makes Largest Cocaine Seizure in National Waters

Brazilian Navy Makes Largest Cocaine Seizure in National Waters

September 25, 2023
Protestors March Through Hamburg Opposing MSC’s Investment in HHLA

Protestors March Through Hamburg Opposing MSC’s Investment in HHLA

September 25, 2023

Latest News

Niger Govt To Create Free Trade Zones – Gov. Bago

Arewa Economic Forum Declares Support For Ag. CG Customs;  Adewale Adeniyi

September 27, 2023

Tin Can Customs Raises Concerns Over Drop In Vehicle Imports Amid Global Economic Challenges

Inland Dry Ports are Crucial Facilitators of Trade, Commerce – Comptroller Umar

Niger Govt To Create Free Trade Zones – Gov. Bago

Vessels Expected At Lagos Ports As At 26th September, 2023

MARAN’s MAMAL 2023 Conference Targets Maritime Security In Gulf Of Guinea Amid Rising Threats

Customs Intercepts IED Raw Materials, Other Contraband Goods Worth N1.6bn

Navy Dismisses Corruption Allegations Against Officer

Vessels Expected At Lagos Ports As At 25th September, 2023

Do you think acquiring the NIMASA floating was a waste of resources?

Diplomatic Row Heightens As Nigeria, MOWCA Lock Horns Over Secretary General Position

How Lack of Port Community System Leads To Over N50bn Revenue Loss In 5 Years, 1,000 Man-Hour Loss Daily

kindly like our Facebook page

Health

How Your Habit Affects Fertility
Health

How Your Habit Affects Fertility

September 19, 2023

Fertility is such a complex process that starting a family does not always come with guarantees. There are many processes...

5 Health Benefits Of Eating Eggs Daily

5 Health Benefits Of Eating Eggs Daily

September 18, 2023
One Out Of 3 Adults Is Hypertensive – Cardiologist

One Out Of 3 Adults Is Hypertensive – Cardiologist

September 18, 2023
NAFDAC Procures 40 Detection Devices To Curb Importation Of Bad Medicine, Says D-G

YOU ARE WARNED: Certificate To Varsity To Produce Herbal Capsule For Diabetes Has Expired

September 13, 2023
YOU ARE WARNED: Certificate To Varsity To Produce Herbal Capsule For Diabetes Has Expired

YOU ARE WARNED: Certificate To Varsity To Produce Herbal Capsule For Diabetes Has Expired

September 4, 2023
Some Potentially Poisonous Foods Nigerians Love To Eat

Some Potentially Poisonous Foods Nigerians Love To Eat

September 4, 2023
Some Health Benefits Of Scent Leaf You Should Know

Some Health Benefits Of Scent Leaf You Should Know

September 4, 2023
BREAKTHROUGH: NAFDAC Approves Varsity’s Herbal Medicine For Diabetes

BREAKTHROUGH: NAFDAC Approves Varsity’s Herbal Medicine For Diabetes

August 31, 2023
Health Benefits Of Corn

Health Benefits Of Corn

August 31, 2023
HEALTH FACTS: Walking is nearly as healthy as running

HEALTH FACTS: Walking is nearly as healthy as running

August 31, 2023

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition