In October 2024, China's export container shipping market experienced a "decline followed by a rebound." According to the latest data from the General Administration of Customs, China's total trade in goods grew by 5.3% year-on-year in the first three quarters, surpassing 32 trillion RMB for the first time in history. This strong performance is expected to provide long-term support for the container shipping industry.
In October, the China Export Containerized Freight Index (CCFI) averaged 1,416.20 points, down 20.3% from the previous month. Meanwhile, the Shanghai Containerized Freight Index (SCFI), which reflects the spot market, averaged 2,103.35 points, a 13.6% decline.
1. Port Throughput Growth and Diverging Vessel Leasing Rates
(1) Container Throughput Maintains Growth
- Total national container throughput: 28.05 million TEU (+3.9% YoY)
- Coastal port container throughput: 24.71 million TEU (+4.5% YoY)
- Inland port container throughput: 3.36 million TEU (unchanged YoY)
(2) Diverging Trends in Charter Rates
- Small & mid-sized vessels: Charter rates declined (1,700 TEU: -8.6%, 2,750 TEU: -1.7%)
- Large vessels: Charter rates increased (4,400 TEU: +4.0%, 6,800 TEU: +5.8%, 9,000 TEU: +2.6%)
2. European & Mediterranean Freight Rates Decline
- China-Europe index: 2,004.34 points (-31.0%)
- China-Mediterranean index: 2,254.80 points (-25.7%)
3. North America Market Continues to Adjust
- West Coast index: 1,230.99 points (-7.9%)
- East Coast index: 1,198.14 points (-18.4%)
4. Volatility in Persian Gulf & Red Sea Routes
- China-Persian Gulf index: 1,052.00 points (-33.3%)
5. Australia & New Zealand Freight Rates Rebound
- China-Australia/New Zealand index: 1,431.90 points (-3.2%)
6. Japan Route Freight Rates Continue to Rise
- China-Japan index: 868.89 points (+6.5%)
In October 2024, China's export container shipping market experienced a "decline followed by a rebound." According to the latest data from the General Administration of Customs, China's total trade in goods grew by 5.3% year-on-year in the first three quarters, surpassing 32 trillion RMB for the first time in history. This strong performance is expected to provide long-term support for the container shipping industry.
In October, the China Export Containerized Freight Index (CCFI) averaged 1,416.20 points, down 20.3% from the previous month. Meanwhile, the Shanghai Containerized Freight Index (SCFI), which reflects the spot market, averaged 2,103.35 points, a 13.6% decline.
1. Port Throughput Growth and Diverging Vessel Leasing Rates
(1) Container Throughput Maintains Growth
- Total national container throughput: 28.05 million TEU (+3.9% YoY)
- Coastal port container throughput: 24.71 million TEU (+4.5% YoY)
- Inland port container throughput: 3.36 million TEU (unchanged YoY)
(2) Diverging Trends in Charter Rates
- Small & mid-sized vessels: Charter rates declined (1,700 TEU: -8.6%, 2,750 TEU: -1.7%)
- Large vessels: Charter rates increased (4,400 TEU: +4.0%, 6,800 TEU: +5.8%, 9,000 TEU: +2.6%)
2. European & Mediterranean Freight Rates Decline
- China-Europe index: 2,004.34 points (-31.0%)
- China-Mediterranean index: 2,254.80 points (-25.7%)
3. North America Market Continues to Adjust
- West Coast index: 1,230.99 points (-7.9%)
- East Coast index: 1,198.14 points (-18.4%)
4. Volatility in Persian Gulf & Red Sea Routes
- China-Persian Gulf index: 1,052.00 points (-33.3%)
5. Australia & New Zealand Freight Rates Rebound
- China-Australia/New Zealand index: 1,431.90 points (-3.2%)
6. Japan Route Freight Rates Continue to Rise
- China-Japan index: 868.89 points (+6.5%)
