In May 2024, China’s export container transport market maintained a stable and positive trend, transportation demand remained high, supply and demand were good, and ocean shipping market freight rates continued to rise, driving the comprehensive index to rise. According to the latest data released by the General Administration of Customs, in April, China’s exports increased by 1.5% year-on-year in US dollars. After a brief year-on-year decline in exports last month, it quickly stopped falling and rebounded, showing that China’s exports continued to be on a stable and positive track, which is conducive to the stable development of China’s export container transport market.
In May 2024, the average value of China’s export container comprehensive freight index released by the Shanghai Shipping Exchange was 1358.71 points, an average increase of 14.3% from the previous month; the average value of the Shanghai export container comprehensive index reflecting the spot market was 2643.69 points, a sharp increase of 46.6% from the previous month.
1. The port container throughput has grown steadily, and the ship leasing market rent has maintained a steady growth
① In April 2024, the operation of major ports in my country was good, the port container throughput maintained a steady growth trend, and the throughput of coastal and inland ports increased slightly. According to statistics, the national ports completed a container throughput of 27.3 million TEUs, up 6.3% from the same period last year. Among them, the coastal ports completed a container throughput of 23.82 million TEUs, up 6.3% year-on-year; the inland ports completed a container throughput of 3.49 million TEUs, up 5.8% year-on-year.
② The container charter market continued to maintain a steady upward momentum. According to Clarksons statistics, in May, the rents of 2750TEU, 4400TEU, 6800TEU, and 9000TEU ships increased by 4.9%, 5.7%, 2.7%, and 2.4% respectively compared with the previous month.
2. European freight rates continue to rise
On the European route, according to data released by S&P Global, the eurozone’s manufacturing PMI rose to 47.4 in May, exceeding market expectations and reaching a 15-month high. Among them, the growth rates of new orders and employment have accelerated, and the business confidence index has reached the highest level in 27 months, indicating that the European economy is on the track of steady recovery. In addition, the geopolitical situation in the Red Sea has not eased, causing major shipping companies to continue to sail around, exacerbating the recent tension in the supply of shipping capacity. This month, transportation demand has remained high, the supply and demand fundamentals are stable, and market freight rates continue to rise. In May, the average freight index of China’s exports to Europe and the Mediterranean routes was 1932.63 points and 2537.37 points, respectively, up 12.3% and 11.7% from the previous month. The average freight rates of Shanghai Port’s exports to Europe and the Mediterranean basic ports, reflecting the spot market, were US$3,267/TEU and US$4,210/TEU, respectively, up 58.6% and 36.8% from the previous month.
3. North American market continues to rise
According to data released by S&P Global, the initial value of the US Markit Composite PMI in May was 54.4, the highest level since April 2022, of which the manufacturing PMI rose to 50.9, exceeding the boom-bust line of 50, showing that the US economy continued to expand steadily. In addition, according to data released by the General Administration of Customs, in the first four months of 2024, my country’s exports to the United States totaled 1.08 trillion yuan, a year-on-year increase of 2.4%, and the trade surplus was 692.41 billion yuan, a year-on-year increase of 5.4%, showing that my country’s exports to the United States continued to maintain a steady growth rhythm, which played a long-term supporting role in the transportation demand of North American routes. This month, transportation demand performed well, the supply and demand relationship was relatively tight, and the market freight rates maintained an upward trend. In May, the average freight rate index of China’s exports to the West and East routes of the United States was 1048.51 points and 1143.77 points, respectively, an average increase of 13.1% and 8.8% from the previous month.
4. South American market rose sharply
For South American routes, the economy of the destination countries has been stable and improving recently, driving the continuous growth of transportation demand, the supply of space is slightly tight, and the market freight rates have risen sharply. In May, the average freight index of China’s exports to South America was 1120.34 points, a sharp increase of 50.6% from the previous month.
5. Freight rates from Bolivia to Hong Kong continue to rise
For Bolivia to Hong Kong routes, transportation demand has shown a steady growth after the local traditional “Ramadan”, the supply and demand relationship continues to improve, and the market freight rates continue to rise. In May, the average freight index of China’s exports to Bolivia to Hong Kong routes was 1737.40 points, an average increase of 20.3% from the previous month.
6. Japan freight rates rebounded slightly
For Japan routes, transportation demand is generally stable, and market freight rates continue to fall. In May, the average freight index of China’s exports to Japan routes was 740.81 points, an average increase of 1.3% from the previous month.
