Weekly Report on China's Export Container Transport Market (2025.03.28)

After continuous adjustments in the Chinese export container transportation market, there are signs of stabilization this week, with transportation demand remaining stable. Most shipping routes have seen a rebound in market freight rates, and the composite index has risen. On March 28th, the Shanghai Shipping Exchange released the Shanghai Export Container Comprehensive Freight Index at 1356.88 points, an increase of 5.0% from the previous period.

According to data released by S&P Global, the preliminary composite PMI for the Eurozone in March rose to 50.4, a new high in eight months, indicating that the economy continues to maintain a recovery trend. The manufacturing sector's continued slump has eased, but the service sector PMI continues to slow down. Currently, Europe is facing multiple risks such as geopolitical tensions and escalating trade conflicts, and its future economic prospects are still being tested. This week, overall transportation demand remained stable, and market freight rates showed signs of stabilization after a sustained decline in the early stages. On March 28th, the market freight rate (sea freight and sea freight surcharges) for Shanghai Port's exports to European basic ports was $1318/TEU, a slight increase of 0.9% compared to the previous period. The market situation for Mediterranean routes is basically synchronized with that of European routes, but the supply and demand fundamentals are more weak, and spot market booking prices continue to decline this week. On March 28th, the market freight rate (sea freight and sea freight surcharges) for exports from Shanghai Port to Mediterranean basic ports was $2076/TEU, a decrease of 5.4% compared to the previous period.

According to data released by S&P Global, the manufacturing PMI in the United States fell to 49.8 in March, plunging back into a contraction zone for North American routes; Although the PMI for the service industry rose to 54.3, the outlook deteriorated and confidence in the coming year plummeted to a low point since 2022. This week, the United States announced that it will impose tariffs on imported cars at the beginning of next month, posing a risk of further escalation of trade conflicts and significant risks to the North American shipping market in the future. This week, there was no significant increase in transportation demand, and the season for route signing has arrived, leading to an increase in market freight rates. On March 28th, the market freight rates (sea freight and sea freight surcharges) for Shanghai Port's exports to the West and East Coast ports were $2177/FEU and $3194/FEU, respectively, an increase of 16.3% and 11.4% compared to the previous period.

The transportation demand on the Persian Gulf route continues to rebound after Ramadan, and the supply-demand relationship improves, leading to a continued upward trend in spot market booking prices. On March 28th, 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 $1188/TEU, an increase of 12.2% compared to the previous period.

On the Australia New Zealand route, the local demand for various materials continues to rise, the supply and demand fundamentals are stable, and market freight rates continue to rise. On March 28th, the market freight rate (including sea freight and sea freight surcharges) for exports from Shanghai Port to the basic port of Australia and New Zealand was $828/TEU, an increase of 9.7% compared to the previous period.

The South American route lacks further growth momentum in transportation demand, and the supply-demand balance is not ideal, resulting in a slight decline in market freight rates. On March 28th, the market freight rate (sea freight and sea freight surcharges) for exports from Shanghai Port to South American basic ports was $1669/TEU, a decrease of 0.7% compared to the previous period.

The transportation market for Japanese routes is generally stable, with a slight decrease in market freight rates. On March 28th, the freight rate index for Chinese exports to Japan was 967.28 points.