The container shipping market enters the final quarter of the year amid sharp contrasts, with freight rates to the US rising, Asia-Europe rates declining and congestion at major ports limiting actual available capacity.
With nearly 3.9 million TEUs tied up at ports experiencing delays and severe congestion, the market is now moving at two different speeds.
On the one hand, Asia-US services are gaining momentum ahead of China’s so-called Golden Week, the week-long national holiday in early October, while blank sailings are supporting freight rates.
On the other hand, freight rates to Europe are declining as demand weakens following the summer peak season, while additional capacity is returning as more vessels gradually resume sailing via the Suez Canal.
Further pressure is expected from the seasonal slowdown in Chinese production during Golden Week, which is likely to weigh on export volumes to Europe.
Source: Naftemporiki