The latest shipping data released by the Shanghai Shipping Exchange shows that on January 17, the Shanghai export container comprehensive freight index released by the Shanghai Shipping Exchange was 2130.82 points, down 7.0% from the previous period.

In addition to the decline of the comprehensive freight rate index, the major routes also fell across the board!

Among them, the freight rate (sea freight and sea surcharge) for exports from Shanghai port to the European basic port market was 2,279 US dollars /TEU, down 6.6% from the previous period; The freight rate (sea freight and sea surcharge) for exports from Shanghai port to the Mediterranean basic port market was US $3,327 /TEU, down 4.3% from the previous period.

The freight rate (sea freight and sea surcharge) for exports from Shanghai port to the basic port market of West America was US $4,232 /FEU, down 9.6% from the previous period; The freight rate (sea freight and sea surcharge) for exports from Shanghai port to the US East basic port market was US $5,960 /FEU, down 4.3% from the previous period.

The main route rates are as follows:

European Routes:

European basic port freight was 2,279 USD /TEU, down 6.6% from the previous period;
The freight rate for the Mediterranean route was $3,327 /TEU, down 4.3% from the previous period.

North American Routes:
The freight rate (sea freight and sea surcharge) in the West American base port market was US $4,232 /FEU, down 9.6% from the previous period;
The freight rate (sea freight and sea surcharge) in the East Base port market was US $5,960 /FEU, down 4.3% from the previous period.

Persian Gulf route: Freight at $1,311 /TEU, down 6.2% from the previous period.

South American route: Freight rate of US $4,304 /TEU, down 7.2% from the previous period.

Australia and New Zealand routes: Freight at US $1478 /TEU, down 19.6% from the previous period.

The latest cancellation tracking data from Drewry shows that in the next five weeks of Week 4 (January 20 to January 26) and Week 8 (February 17 to February 23), out of 751 scheduled sailings on major trans-Pacific, trans-Atlantic and Asian east-west routes to Northern Europe and the Mediterranean, a total of 109 cancellations have been announced. The cancellation rate is 15%.

During this period, 49 percent of empty voyages will be on trans-Pacific eastbound routes, 17 percent on trans-Atlantic westbound routes, and 34 percent on Asia-Nordic and Mediterranean routes.

Drury said blank voyages are expected to disrupt the container shipping industry as the Chinese New Year and transition to new alliance services complicate supply chains. The Lunar New Year usually reduces demand and leads to empty loads, but shifts in alliances and the Red Sea crisis can amplify these disruptions, leading to longer transit times and more empty loads.

In addition, regarding the situation in the Red Sea, Drury believes that no immediate changes will be made until the ceasefire agreement is fully implemented. Even if the Houthis promise to stop attacks on ships, shipping companies are likely to remain cautious, waiting to see if the cease-fire holds before fully resuming operations.