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European freight rates bottomed out and rebounded
Among the four major routes, the freight rate from the Far East to Europe was the only one to stop falling, offering $1,693 /TEU, an increase of $115, or 7.28%, from the previous period. This is mainly because European freight rates have fallen to relatively low levels, reflecting more reasonable market prices. Rates from the Far East to the Mediterranean have not risen, but the decline has been reduced to 1.14%, quoted at $2,594 /TEU.
In mid-February, a number of shipping companies announced a rise in container freight rates in March, causing widespread concern in the market. Affected by this, the main futures contract of the container index (European line) also continued the previous rising market, and the closing price rose by more than 60% within a month. The main futures contract of the container index (European line) rose from a relative low of 1240.2 on January 16 to 2010.8 on February 17, an increase of 62.14%. Recently, a number of head shipping companies have also issued price hike letters, such as Maersk's Shanghai to Rotterdam route, in late February, the 40-foot container price of $2,291, and March 6, the price rose to $4,000.
Tariff problems hit shipping
The reduction in freight rates on the Far East to the United States is mainly due to the impact of tariffs and maritime policies.
The day after Trump took office, he imposed an additional 10 percent tariff on Chinese goods. It involves a full range of imported goods, while imposing 25% and 10% tariffs on Mexico and Canada, respectively, with the intention of weakening China's ability to re-export trade through third countries.
Just over a month ago, the Trump administration again announced an additional 10% tariff on Chinese goods. Mr. Trump, who has threatened to impose 60 percent tariffs on Chinese goods, appears to be taking a phased approach.
There's more bad news. Recently, the Office of the United States Trade Representative (USTR), citing unfounded accusations such as "China dominates the shipbuilding industry through unfair subsidies to the detriment of the interests of the United States", announced a proposed comprehensive proposal targeting China's maritime, logistics, shipbuilding and other fields. The plan to impose fees and restrictions on Chinese shipping operators, including the China Ocean Shipping Group (COSCO), and non-Chinese shipping operators operating Chinese-made ships, is outrageous, with fees of up to $1.5 million per visit.
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