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Global container shipping rates continue to fall, but China's foreign trade may climb, insiders say 2025-02-13
Global container shipping rates continue to fall, but China's foreign trade may climb, insiders say
International container shipping rates have continued to decline amid traditional off-season around the Chinese New Year holiday and changes in US tariff policies, but industry insiders expect foreign trade demand in China to increase slightly this year from the prior one.
The Shanghai Containerized Freight Index dropped to 1,896.65 points last week from 2,045.45 points a week earlier, a fourth consecutive week of decline, according to data released by the Shanghai Shipping Exchange on Feb. 7.
"Recently, we've seen a noticeable increase in inquiries about sea freight," the head of a freight forwarding company in China's Zhejiang province said to Yicai. Compared to the period after last year's Chinese New Year, foreign trade firms are showing more enthusiasm in making inquiries this year, the person added.
Global trade demand will likely log a slight increase this year, the head of a large Shanghai-based freight company mainly focusing on the US market told Yicai. From China's perspective, the new tariffs will not significantly impact overseas demand, and the outlook is "not overly pessimistic overall," the person pointed out.
The continued decline in sea freight rates since the end of last year has resulted from multiple concurrent factors, Alan Ni, president of the China arm of global freight forwarding giant Kuehne+Nagel, told Yicai. These include weakened global demand, overcapacity, easing port congestion, the Red Sea situation, seasonal market adjustments, and the impact of economic cycles, he said.
Shipping capacity will increase by 7.3 percent this year, Ni noted. "If demand growth falls short of expectations, it could lead to overcapacity, thereby exerting downward pressure on freight rates."
Source: Yicai Global
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