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Another shipping giant significantly increases FAK rates starting from November 1st
Release time：
2023-10-09
Browsing：259次
Following Hapag-Lloyd's announcement on October 2nd of a significant increase in FAK rates for Asia to Europe and North Africa routes, on October 4th, CMA's official website released a notice stating that FAK rates for Asia to Northern Europe, East Mediterranean, West Mediterranean, and North Africa will be increased starting from November 1st until further notice. This includes both basic freight rates and fuel-related surcharges.
However, based on historical data, during periods of economic downturn, container shipping companies can only achieve modest growth in FAK rates, with the best-case scenario being an anticipated 50% increase for shipping companies. A statement is expected around the 20th. Meanwhile, in the EU, Hapag-Lloyd has increased rates to $1475/TEU and $1950/FEU.
In fact, the rapid decline in freight rates on many routes may force publicly listed shipping companies to lower their annual performance expectations. The erosion speed of the Asia to Northern Europe market is particularly alarming, with spot freight rate indices dropping by 10% every week in September. Simultaneously, the volatility in the spot market has now spread to the previously robust Asia-Mediterranean market, as shipping companies introduce more excess capacity to trade routes.
However, based on historical data, during periods of economic downturn, container shipping companies can only achieve modest growth in FAK rates, with the best-case scenario being an anticipated 50% increase for shipping companies. A statement is expected around the 20th. Meanwhile, in the EU, Hapag-Lloyd has increased rates to $1475/TEU and $1950/FEU.
In fact, the rapid decline in freight rates on many routes may force publicly listed shipping companies to lower their annual performance expectations. The erosion speed of the Asia to Northern Europe market is particularly alarming, with spot freight rate indices dropping by 10% every week in September. Simultaneously, the volatility in the spot market has now spread to the previously robust Asia-Mediterranean market, as shipping companies introduce more excess capacity to trade routes.