• China-US prices remain flat at $1,563/40’ (FBX01), with an impending GRI scratched. This is good news for carriers, who are currently seeing rates 38% higher than the same time last year. Consolidation also seems to have the carriers showing more pricing discipline; FBX price diversity is about 30% lower than the same time in 2018.
• China-Europe remains far more interesting, after bottoming out in early April at $1,029/40’ (FBX11), 12% below 2018’s prices. Blanked sailings from multiple carriers have helped shore up a mid-April GRI, with prices now 13% up year-on-year and 29% WoW, at $1,300.
Commentary
As tenders get finalized, the spot market on China-US appears to be in the quiet before the storm. Last May, GRIs brought China - US sailings up by 24%, foreshadowing a strong peak season that kept rates higher throughout 2019 than 2018. If carrier sailings on China - North Europe are any indicator, it will make for an interesting month. - Eytan Buchman, CMO, Freightos
