Benchmarking platform Xeneta has revealed a rise in long-term boxship rates on the back of increased US export and European import activity.
The Oslo-headquartered company said its database of more than 85m contracted freight rates indicates a month-on-month rise of 2.5% for February.
"Although relatively modest, the climb halts a decline that has effectively been on going since August 2018," it said.
Xeneta CEO Patrik Berglund added: “Against the backdrop of mixed financial results for the major carriers - with the ONE alliance all posting negative figures, while Maersk recorded solid profits (albeit with a disappointing growth forecast for 2019) - and on-going concerns about new tariffs in the China-US ‘trade war’, this upwards trend provides somewhat positive news for the container industry.
"As ever in this highly complex and unpredictable segment, it’s not straightforward – with some regions less encouraging than others, while Brexit and the 1 March deadline for China-US trade negotiations loom large – but there are notable performances here.
"That is something that will no doubt be savoured. Especially in the US."
Xeneta's US export indicator rose 8%, with Europe seeing its imports benchmark grow 3.9%.
But Berglund warned that the introduction of Ocean Alliance’s seventh loop service in April, with 10 ships of 13,000 to 14,000-teu from Evergreen, has the potential to outstrip demand and exert downward rates pressure.
Asian New Year a mixed picture
Berglund added that for Asia "the New Year hasn’t got off to the best start."
“The import performance saw a monthly fall of 2.6%, continuing a long-term decline that has seen the benchmark slump by 14.2% year-on-year.
"Exports are more stable, down 0.2% but 0.9% above last year. There are complex factors at play here, but it’s impossible not to see the shadow of presidents Trump and Xi falling over regional developments.”
