Weekly Report on China's Export Container Transport Market (March 14, 2025)

Most airline freight rates have fallen

This week, the export container transportation market in China continued to show a relatively weak performance, with a lack of further growth momentum in transportation demand. The freight rates in most shipping routes continued to decline, dragging down the comprehensive index. According to the latest data released by the General Administration of Customs, China's total export value in US dollars from January to February was 539.94 billion US dollars, a year-on-year increase of 2.3%, indicating that China's exports will continue to maintain a good momentum in early 2025 and play a supporting role in the stable development of China's export consolidation market in the future. On March 14th, the Shanghai Shipping Exchange released the Shanghai Export Container Comprehensive Freight Index at 1319.34 points, a decrease of 8.1% from the previous period.

According to data released by the European Union Statistics Office, retail sales in the Eurozone increased by 1.5% year-on-year in January, lower than previous values and market expectations; The month on month decline is 0.3%, reaching a new low since October 2024. The weak performance of European consumption data will drag down future economic recovery. This week, the growth of transportation demand is weak, and the supply-demand balance is not ideal. The spot market booking freight rates continue to decline. On March 14th, the market freight rate (sea freight and sea freight surcharges) for Shanghai Port's exports to European basic ports was $1342/TEU, a decrease of 15.2% compared to the previous period. The market situation for Mediterranean routes is basically synchronized with that of European routes, and market freight rates continue to decline. On March 14th, the market freight rate (sea freight and sea freight surcharges) for exports from Shanghai Port to Mediterranean basic ports was $2295/TEU, a decrease of 8.8% compared to the previous period.

According to data released by research firm ADP, the number of ADP employees in the United States fell to 77000 in February, significantly lower than market expectations, indicating a continued slowdown in the US job market. As the US government reduces the size of the federal government and adopts large-scale layoffs, the labor market may further weaken in the future. Currently, due to the continued imposition of tariffs by US President Trump, the transportation market as a whole has weakened, with transportation demand hovering at a low level and a lack of further support from supply and demand fundamentals. As a result, spot market booking prices continue to decline significantly. On March 14th, the market freight rates (sea freight and sea freight surcharges) for Shanghai Port's exports to the West and East Coast ports were $1965/FEU and $2977/FEU, respectively, a decrease of 14.2% and 10.6% from the previous period.

The transportation demand on the Persian Gulf route is stabilizing, and market freight rates have started to stabilize this week after continuous adjustments. On March 14th, the market freight rate (including sea freight and sea freight surcharges) for exports from Shanghai Port to the basic port of the Persian Gulf was 976 US dollars per TEU, a slight increase of 0.1% compared to the previous period.

The demand for various materials on the Australia New Zealand route continues to steadily recover, and the supply and demand fundamentals have improved. Airline operators are driving up market freight rates. On March 14th, the market freight rate (including sea freight and sea freight surcharges) for exports from Shanghai Port to the Australia New Zealand Basic Port was $735/TEU, an increase of 16.9% compared to the previous period.

The transportation market on the South American route continues to weaken, with weak cargo volume and a significant drop in market freight rates this week. On March 14th, the market freight rate (sea freight and sea freight surcharges) for exports from Shanghai Port to South American basic ports was 1945 US dollars/TEU, a decrease of 19.7% compared to the previous period.

The transportation market for Japanese routes is generally stable, with a slight decrease in market freight rates. On March 14th, the freight rate index for Chinese exports to Japan was 970.45 points.