Container freight rates across trades out of India have seen no noticeable recovery signs for carriers in October. On the westbound India-Europe trade, average short-term contract rates from West India [Jawaharlal Nehru Port (JNPT)/Nhava Sheva or Mundra Port to Felixstowe/London Gateway (UK) or Rotterdam (the Netherlands) have fallen to US$600 per 20-foot container and US$675 per 40-foot container, from US$650 per 20-foot container and US$700 per 40-foot container at the end of September.
For West India-Genoa (the West Mediterranean) bookings, October contract rates have crashed to US$550/TEU, from US$800, and US$600/FEU, from US$750, according to the CN analysis.
However, eastbound cargo (imports into India) rates for these port pairings have remained steady, month-on-month – hovering at US$600/TEU and US$650/FEU for bookings from Felixstowe/Rotterdam to West India and US$350/TEU and US$500/FEU for shipments from the West Mediterranean (Genoa) to Nhava Sheva/Mundra.
Short-term contract prices on the India-US trades have cooled measurably from end-September levels, indicating the persisting demand pressure for major carriers. Average rates in October for shipments from West India (Nhava Sheva/Mundra) to the US East Coast (New York) have dropped to US$1,500/TEU, from US$1,700, and to US$1,700/FEU, from US$2,100/FEU in September. For Indian container loads moving to the US West Coast (Los Angeles), rates are down to US$1,600/TEU and US$1,850/FEU, from US$1,600/TEU and US$1,700/FEU reported last month.
For the West India-US Gulf Coast (Houston) trades, there has been an 8% decline in rate levels, month on month, down to US$1,700/TEU and US$2,350/FEU, according to the CN analysis.
Short-term contract rates on the US-India trades (return leg) have continued to remain at the averages seen in September, at US$475/TEU and US$550/FEU from the US East Coast to West India, and at US$1,000/TEU and US$1,150/FEU for US West Coast-West India bookings.
For more information:
Jenny Daniel
Container News
Email: j.daniel@container-news.com
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