Recently, several shipping companies have announced a new round of freight rate adjustment plans for November. CMA, HMM, ZIM, Maersk, Hapag-Lloyd and other shipping companies have successively adjusted the rates of some routes, involving Europe, the Mediterranean, India and Pakistan, Africa, etc.
CMA adjusts FAK rates from Asia to the Mediterranean and North Africa
CMA issued an announcement that from November 1, 2024 (loading date) until further notice, new FAK rates will apply from Asia to the Mediterranean and North Africa. Details are as follows:
HMM adjusts FAK rates from Asia to Europe
HMM issued an announcement that in order to maintain reliable and high-quality services, it announced new FAK rates from Asia to Europe, effective from November 1, 2024 until further notice. Details are as follows:
ZIM imposes peak season surcharges from the Far East to the Mediterranean in Europe, etc.
ZIM announced that due to the current market conditions, ZIM is updating its peak season surcharges from the Far East to the East, West, including Black Sea ports, and Northern Europe, effective from November 1, 2024 until further notice. Details are as follows:
Maersk imposes a peak season surcharge PSS from the Far East to India, Pakistan, Sri Lanka and the Maldives
Maersk imposes a peak season surcharge PSS from the Far East to India, Pakistan, Sri Lanka and the Maldives, which will take effect from November 4, 2024. The levy standards are as follows:
Hapag-Lloyd charges a peak season surcharge PSS from Asia to Banjul, Gambia
Hapag-Lloyd charges a peak season surcharge PSS from Asia to Banjul, Gambia, effective November 1, 2024. This surcharge applies to all flights from November 1, 2024 until further notice, 1000USD/TEU.
Please contact the corresponding shipping company for specific collection information, or other shipping companies may have similar measures to increase freight rates.
"Almost all routes in different directions were fully booked at the end of October." According to media reports, multiple sources learned that almost all routes were fully booked at the end of October, and the full capacity situation on some routes has spread to November.
As for the US line, the routes of the US West and US East were basically full at the end of October. Some shipping companies still have a small number of sailing dates available. Affected by the rush of e-commerce goods for Black Friday and Christmas shipments, it is expected to continue until mid-November.
Prices will remain basically unchanged before the end of the month, but it is expected that prices will increase at the beginning of next month. MSC has notified a price increase of US$300/FEU. Analysts believe that the overcapacity is mainly due to the impact of the US election on tariff policies, customers rushing to ship, the early Chinese New Year, the unresolved dispute over US terminal automation, and the risk of strikes.
As for the European and American lines, most ships were overcapacity at the end of October due to the shipping company's notification of a price increase in November, and the booking situation was good.
Due to the suspension and delay of sailings in the first week of November in East China, it is estimated that the European line capacity will be lost by about 28%. In addition, the suspension of sailings in the East is serious, and there is a high probability of price increases in early November, while the West is relatively weak. At the same time, shipowners are still planning to push up GRI in the future, but it depends on the overall market situation.
In terms of China-India-Red, all China-India-Red routes will see price increases before the end of the month, especially the India-Pakistan overbooking, and the Middle East and Red Sea shipping rates will follow suit.
At present, the freight rates for wk44 to wk45 have not been released, but the shipping space is already very tight. Some customers who are anxious to ship but afraid that the freight rate will continue to rise have arranged bookings in advance.
In South America, affected by Christmas + New Year shipments, there are fewer ships and more cargoes. At the end of October, overbooking also occurred, including East South America and West South America. It is expected that freight rates will rise in November.
In Southeast Asia, the overall market overbooking and price increase, some freight rates have risen significantly, most shipping companies have no space at the end of the month, and some have been overbooked until the first week of November. Now only space can be booked in the second week of November. It is expected that subsequent freight rates may continue to rise.
Against the background of overbooking on global routes and intensive price increases by shipping companies, cargo owners and freight forwarding companies should pay close attention to market trends and plan shipment plans in advance to avoid concentrated shipments during peak periods.
