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Asian containers market to face peak demand, port congestion in H2 2021 | Hellenic Shipping News Worldwide
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Container liner Hapag-Lloyd expects 2021 growth to continue on firm demand
German container liner Hapag-Lloyd is expecting 2021 year-on-year growth to far outperform the levels seen in 2020 as demand continues in the container market around the world.
With strong cargo volumes dominating the market until this point in 2021, this is expected to continue well into the middle of the year, although the company expects there to be a “gradual normalisation of the development in the second half of the year,” it said in its Q1 earnings report on May 12.
Firm demand from the key exporting region of North Asia, a mainstay in the container market for the year-to-date, has caused some significant congestion and port delays across importing regions, most notably North America and Europe.
Containerized scrap supply to Asia tightens as freight from USWC surges
The containerized ferrous scrap market in Asia saw tighter supplies and offers coming from western origins, amid bulging shipping space constrains and surging freight rates, sources said.
“Just slightly more than a month back, freight to Taiwan was only at $10 per feet of container, and now it’s $40 per feet of container for March,” a US supply source said. “Freight is massive.”
Other sources, meanwhile, cited 40 feet container prices in a $1000-1,600/mt range to Asia.
Translating to a per metric ton of cargo cost for comparison, the midpoint $1,300 price tag for March shipments would equate to $48.10/mt, versus only $14.80/mt in early January, assuming an average load of 27 mt per 40 feet container.
Container priority-loading premium the new normal in Asia as shippers struggle for space
Go premium or go home is the new motto in the Asian container markets, with shippers struggling to get hold of ships and carriers assuring availability only when customers pay a premium over the Freight All Kind, or FAK, market sources said.
The premium can range from 50% to 70% over the FAK rate, or between $2,000/forty-foot equivalent unit and $3,500/FEU for Southeast Asia to US and Europe routes, according to market sources.
These premiums come on top of the recent runup in container spot freight rates, where prices to North America from Asia have risen nearly three-fold over the last six months to a record high of $5,300/FEU on Feb. 8. Container rates to Europe from Asia are also at an all-time high of $8,500/FEU Feb. 8 compared with $1,700/FEU in September 2020.
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