Ocean Rate Trend in Week 04
Ocean News Update:
Yantian limits intake of export containers amid new year holiday rush
Yantian International Container Terminal (YICT) in southern China lowered the cut-off time for
receiving outbound containers since Wednesday, claiming delayed ship arrivals have caused
containers to pile up in its yard. With just over a week to go before the Chinese New Year begins
on 1 February, YICT said more containers were arriving at its yard, as exporters hurried to ship out
their cargo before the week-long holiday.
Asia-USWC spot rates spike as Chinese New Year holiday looms.
Container spot rates from Asia to the US west coast spiked this week, ahead of the Chinese New
Year holiday on 1 February. The decision by Maersk and other carriers to exclude small and midsized shippers from contract agreements has led to other lines increasing their short-term rates
to the sector. Export rates from Asia remained at their highly elevated levels across most routes,
with the Ningbo Containerized Freight Index (NCFI) weekly commentary recording an upward
trend in nine out of the 21 routes covered, versus only slight decreases in the other 12,
suggesting that any hope by shippers of a rate correction is still a long way off.
Factories around the country have been shutting down production and taking holidays since midJanuary. Until mid-February.
After the festival is the traditional low season for shipment, and the shipping company will cancel
some sailings in February.
So far, the new round of local epidemic has affected many provinces and cities in China. The
overall operation of major domestic ports is stable, but the truck transportation and some
warehouse operations are limited.