GLOBAL DEMAND
Global TEU volumes continued to grow stronger than last year. Although volumes in February 2024 fell 7.8% compared with January 2024, it is still a 12% increase on February 2023.
PORT CONGESTION
Global port congestion has dropped to 1.4m teu with the situation across Asia’s main port normalizing after the previous week’s spike
SCHEDULE RELIABILITY
February 2024 global schedule reliability score, which improved by 1.7 percentage points M/M to 53.3%. On a Y/Y level however, schedule reliability in February 2024 was 6.9 percentage points lower.
CAPACITY
Capacity across all routes are set to increase in April and May which will continue to put pressure on carriers’ recent rate gains and test their ability to hold rates ahead of the summer peak season.
RATES LEVELS
Week of April. 4th the Drewry East-West Freight Rate Index decreased by 12% to reach $3,499 per 40ft box in March. The decrease in Transpacific and AsiaEurope trade lanes drove the decline in the index. Drewry expects rates to decline in April
BUNKER AND SUSTAINABILITY
Trend for bunker quite stable in the last few months. Global trend for the remaining of the year quite stable, too. The price disparity between LNG and traditional fuel also narrowed.