by Lloyd's List
7 August (Lloyd's List) - GLOBAL container volumes maintained an upward trajectory through June to ensure the liner sector posted a healthy increase in business for the first half of 2024.
The latest monthly figures released by UK-based Container Trades Statistics showed carriers shifted 15.7m teu in June, up 6.3% on the corresponding month of last year, while contributing to the 7.1% year-on-year growth figure achieved during the first six months of 2024.
This also represented the first time since the post-covid surge that half-year volumes have increased, following the respective deficits of -1.3% and -5.2% in the first six months of 2023 and 2024.
The global tally for the latest reporting month also marked the impact of early peak season volumes.
Although traditionally a third-quarter trend, the demand surge came slightly earlier this year. Nervous shippers frontloaded cargoes to ensure delivery in light of continued disruption in the Red Sea, while in the case of the transpacific trade fears of labour unrest on the US east and Gulf coast, in addition to impending tariffs on China imports and the prospect of more, has led to significant volumes being brought forward.
Imports into North America from the Far East were up by more than 17% in the first half of 2024, while the recalibration of Red Sea traffic helped increase trade from the Far East to the Indian sub-continent and Middle East, climbing 18.6%, according to CTS data.
On the Far East-Europe route, CTS said that the trade “continues to show the strength we have seen in the first half of 2024 despite the Red Sea challenges”.
Lines operating the route carried an additional 8% of cargo in June, while for the first six months of 2024 box numbers were up 6.7%.
“In the comparative period in 2022, the volumes are now starting to show growth with a 9.2% increase,” said CTS.
However, it added the cargo increase is restricted to northern Europe and the west Mediterranean regions, with volumes to the east Mediterranean flatlining across the first six months of the year, as congestion and transit times remained high.
CTS’s latest Global Price Index also made significant gains in June, rising 11 points in total to hit the 100 point mark for all freight types.
This was buoyed by strengthening rates on Far East exports, including a 32 point rise to 144 points on its Far East to Europe trade index and a 27 point jump on the Far East-North America index to 122. The latter represents a more than 40% increase since March this year.
“The price index has responded to movements in the spot market in specific markets, but for the moment, the contract rates are holding the overall increase to more modest levels in trades out of the Far East,” said CTS.
“However, many regions remain unaffected by these movements. The forthcoming peak season (if it hasn’t already happened) will show the real strength of the demand levels.”
