Global Container Rates
- The composite rate per 40-foot container was $4,775 on 9/5/24, which is down $406 from the previous week.
- Global container rates mostly decreased week-over-week. The largest decrease was from Shanghai to Rotterdam, which decreased $985 to $6,219, and from Shanghai to Genoa, which decreased $769 to $5,842.
- The next chart outlines the container shipping orderbook, which is the number of new container ships ordered. They are expressed in “TEU” which is twenty-foot equivalent unit, the capacity of a containership. The black line on the chart illustrates the orderbook’s percentage of the overall global fleet.
- New orders of container ships are 18% of the world fleet of container ships in 2024, compared to 10% pre-pandemic (in 2019 and 2020). For reference, it takes approximately 2 – 3 years to build a new containership.
- A potential strike at the East Coast and Gulf Coast ports in the U.S. between the International Longshoremen’s Association and the United States Maritime Alliance could occur if a new contract is not reached by September 30, 2024.
- The chart below highlights the total imports for the U.S. from 2004 to 2024. In 2024, the U.S. is projected to have 25.0 million imports, up from 22.3 million imports in 2023, but lower than the peak of 25.6 million in 2021.
Suez Canal Crossings
- The 7-day rolling total of container ships, tankers, and bulk carriers traveling South to North through the Suez Canal is shown in the chart below.
- The total number of crossings on 9/9/24 was 88 (compared to 216 on 9/8/23), which is a 59.26% decrease year-over-year.
Global Supply Chain Pressure Index
- The Federal Reserve Bank of New York’s Global Supply Chain Pressure Index (GSCPI) increased from -0.03 in July 2024 to 0.20 in August 2024.
Most-Watched Supply Chain Metrics
- The chart below is a breakdown of supply chain metrics for August 2024.
- The aggregate index of most-watched supply chain metrics (the black line in the chart below) decreased last week to -0.68 from -0.62, with zero meaning the supply chain is acting normally.
U.S. Trucking Rates
- Trucking rates increased week-over-week, with Internet Truckstop’s average equipment rate at $2.24 per mile.
- Trucking rates on a geographical basis were mixed week-over-week. The biggest increase was in the Southeast, which increased $0.04 to $2.25 per mile, and the biggest decrease was in the Northeast, which decreased $0.04 week-over-week to $2.12 per mile.
Tables
