If you are importing from China you will be pleased to here that ocean freight spot rates have dropped more than 33% since January of this year. The decrease in rates is largely down to the new vessel deliveries that took place at the beginning of the year and these far outweighed the vessels scrapped, by a ratio of 3:1 in terms of TEU capacity.
The data analyst Alphaliner have confirmed that rates are 46% lower than this time last year and the spot rates for importing from China have fallen $940 per TEU, which is lowest they have been since February of 2012.
Due to the constant demand for importing from China the shipping lines have proposed increases throughout the year, but with Maersk postponing their $500 increase until 1st May, other carriers have followed this trend by announcing increases for the 15th May after abandoning the original April increases. The rate decrease for importing from China can be linked to carriers not holding back on the capacity increases even in a period of weak demand. The new 10,000+ TEU vessels have attributed further to the influx, with another 38 vessels due for delivery across 2013.
Even due to rate slump, caused by the influx of new vessels, Alphaliner have confirmed that importing from China is 2.3% higher than this time last year. The new vessels that will be introduced onto the schedules will be replacing the smaller vessels, to help increase the capacity for importing from China.
One of the new vessels that will be used for importing from China will be Maersk’s Triple-E vessel, with a capacity of 18,000 TEU. These vessels are going to be the most economic in the industry, consuming 35% less fuel than the current 13,100 TEU vessels – which will be replaced by the Triple-E vessel on the importing from China route.