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Container contract rate decline appears to have ended: Xeneta data
A CONTINUING downward trend on long-term contracted ocean rates appears to have ended for the moment with increases in November, reports Xeneta.
According to its latest XSI Public Indices report, which provides business intelligence based on real-time crowd-sourcing data, global rates climbed by 0.9 per cent over the last month.
This disrupts a long-term pattern of decline that, with the exception of a sizable and unexpected rise in May, has been ongoing since Summer 2018, said the Xeneta statement.
The Oslo-based XSI Public Indices report utilises over 110 million data points, covering over 160,000 port-to-port pairings,to provide unparalleled insight into the very latest market moves.
In November, those moves were, according to Xeneta CEO Patrik Berglund, surprisingly positive for the somewhat beleaguered container industry.
"We've become so accustomed to seeing the arrow pointing downwards that a push into the black' comes as a minor shock," said Xeneta CEO Patrik Berglund.
"It just goes to show how unpredictable the ocean freight segment remains. With that in mind, it is vital, for all parties in the chain, to stay abreast of the latest intelligence to stand any chance of getting optimal value from contract negotiations."
Although the index remains four per cent lower than the high of 116.19 reported in May (currently standing at 111.54 points) it is now up 0.8 per cent year-on-year, and has increased by three per cent since the end of 2018. And it's not just the index that's in the black.
"The carriers have posted largely positive results for Q3," said Mr Berglund, "with Hapag-Lloyd reporting a net profit of US$168 million - that's against a profit of just $15 million this time last year. Meanwhile, the world's largest carrier, Maersk, reported a very healthy net profit of $520 million. Even Yang Ming's loss of NTD1.38 billion [US$45.1 million] is not as bad as it seems on the surface, as if options had been exercised on previously chartered vessels they too would be in the black. So, the latest news is not as bad as many will have feared," he said.