Container freight rates on major trades out of India have hit new lows in November amid falling cargo volumes, according to the latest market analysis by Container News.
On the westbound India-Europe trade, average contract rates from West India [Jawaharlal Nehru Port (JNPT)/Nhava Sheva or Mundra Port] to Felixstowe/London Gateway (UK) or Rotterdam (the Netherlands) have plunged to US$2,300 per 20-foot container and US$2,450/40-foot container, from US$3,500 and U$4,000, respectively, in the last week of October.
For West India-Genoa (the West Mediterranean) cargo, carriers are accepting bookings at US$2,200/20-foot box and US$2,500/40-foot box, compared with the October levels of US$3,750/20-foot box and US$4,100/40-foot box.
Eastbound cargo rates for these port pairings have, however, seen no changes month-on-month –continuing to hover at US$1,400/20-foot container and US$1,500/40-foot container for bookings from Felixstowe/Rotterdam and at US$1,150/20-foot and US$1,400/40-foot containers to West India (Nhava Sheva/Mundra).
Average short-term contract prices offered by leading liners for Indian cargo moving to the US East Coast (New York) have also crashed significantly from the October levels – down to US$4,750 per 20-foot box, versus US$6,350, and US$6,350 per 40-foot box, from US$8,350, and at US$3,650/20-foot container, from US$4,500, and US$4,850/40-foot box, down from US$6,050, for shipments to the US West Coast (Los Angeles).
For the West India-US Gulf Coast trade, rates have fallen to US$4,750 per 20-foot and US$6,850 per 40-foot container, compared with US$6,900 and US$9,050, respectively, at the end of October.
On the return direction, average contract rates have not changed from the levels maintained by major operators last month – pegged at US$1,075/20-foot box and US$1,434/40-foot box from USEC; at US$2,484/20-foot box and US$ 3,193/40-foot box from USWC; and at US$1,770/20-foot and US$1,843/40-foot box from the Gulf Coast, into West India (Nhava Sheva/Mundra).
Intra-Asia trades out of India have seen sharp declines this month from the October averages, with depressed trade volumes.