The ongoing rate slide on Indian container trades is showing no sign of a reversal, according to the latest market analysis by Container News.
On the westbound India-Europe trade, average contract rates from West India [Jawaharlal Nehru Port (JNPT)/Nhava Sheva or Mundra Port] to Felixstowe/London Gateway (UK) or Rotterdam (the Netherlands) have dropped to US$1,000 per 20-foot container and US$1,100/40-foot container, from US$1,250 and U$1,450, respectively, at the end of January.
For West India-Genoa (the West Mediterranean) shipments, average rates are down to US$1,000/20-foot box and US$1,100/40-foot box, from the January levels of US$1,200/20-foot box and US$1,350/40-foot box.
Eastbound cargo (imports into India) prices for these port pairings have also seen modest declines month-on-month, after staying steady for some time. According to the analysis, rates now stand at US$1,250/20-foot container and US$1,350/40-foot container for bookings from Felixstowe/Rotterdam, down from US$1,300 and US$1,400. Similarly, rates for shipments from the West Mediterranean (Genoa) to West India have softened to US$1,100/20-foot box and US$1,306/40-foot box, from US$1,128 and US$1,356, respectively, in January.
Thanks to new service additions, average short-term contract rates for Indian cargo moving to the US East Coast (New York) have seen a further steep slide from the January levels – tumbling to US$1,750 per 20-foot box, versus US$2,550, and US$2,485 per 40-foot box, from US$4,113 and to US$1,552/20-foot container, from US$1,826, and US$1,997/40-foot box, from US$2,613, for shipments to the US West Coast (Los Angeles).
For the West India-US Gulf Coast (Houston) trades, rates on average have slumped to US$2,635 per 20-foot and US$3,525 per 40-foot container, versus US$3,675 and US$4,913, respectively, during January.
For more information: container-news.com