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Gloom for container lines as long-term freight rates fell by 27.5% in May

Posted on June 2, 2023 |

Global long-term rates collapsed in May as the contracted price of shipping containers plunged 27.5%, the 9th straight month rates have fallen and the biggest monthly drop ever.

Carriers will be worried as the global Xenet shipping index (XSI) fell annually by 42%, with continuous macroeconomic uncertainty, and shrinking trade volumes.

The US import sub-index fell by 40.6% month-on-month and lost 54.6% of its value since October 2022.

The dollar price is similar to the median contracted price for containers from the Far East-the US West Coast, which fell to $6,140 per FEU annually.

The total import volumes display the dangerous state of affairs, as in Q1, volumes into the U.S. fell by 21.1%, while from the Far East are down 25.9%.

In Q1, the volume of containerized exports of the Far East declined by 10.5% and is now 3.3% up compared to Q1 2019.

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