On January 10, Wanhai Lines released data showing that Wanhai's revenue in December 2022 was NT $11.458 billion, down 50.7% year on year; Revenue in 2022 was NT $258.87 billion, up 13.54% year-on-year. Wanhai explained that the revenue plunged in December was due to the container rates drop.
It is understood that Wan Hai Lines reduced part of the crew bonus on January 1, 2023, maybe related to the revenue plunged.
As BIMCO in "CHINESE EXPORT CONTAINER RATES DROP 27% AS USUAL LUNAR NEW YEAR CARGO RUSH FAILS" mentioned the China Containerized Freight Index (CCFI) has seen a 50% drop since February 2022 and stood at 1,730 seven weeks ago. To Europe and Mediterranean, the index has fallen by respectively 34% and 57% during the last seven weeks whereas the index for exports to the US West Coast and East Coast are down by 26% and 27% respectively. During the last seven weeks, in contrast to earlier in 2022, the SCFI has fallen 23% whereas the CCFI has fallen 27%.
In the week ending Jan-6, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 737.8 points, slightly falling by 3.4% against last week.
According to the Container xChange, The market is depressed because Europe is hit hard with all-time high inflation; China struggles to cope with the virus and the US continues to witness hinterland transportation challenges and labour unrest. The report further predicts that the Long-term shipping contract rates will see an uptick in 2023.
It is understood that Wan Hai Lines reduced part of the crew bonus on January 1, 2023, maybe related to the revenue plunged.
As BIMCO in "CHINESE EXPORT CONTAINER RATES DROP 27% AS USUAL LUNAR NEW YEAR CARGO RUSH FAILS" mentioned the China Containerized Freight Index (CCFI) has seen a 50% drop since February 2022 and stood at 1,730 seven weeks ago. To Europe and Mediterranean, the index has fallen by respectively 34% and 57% during the last seven weeks whereas the index for exports to the US West Coast and East Coast are down by 26% and 27% respectively. During the last seven weeks, in contrast to earlier in 2022, the SCFI has fallen 23% whereas the CCFI has fallen 27%.
In the week ending Jan-6, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 737.8 points, slightly falling by 3.4% against last week.
According to the Container xChange, The market is depressed because Europe is hit hard with all-time high inflation; China struggles to cope with the virus and the US continues to witness hinterland transportation challenges and labour unrest. The report further predicts that the Long-term shipping contract rates will see an uptick in 2023.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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