Global box volumes sustain slow, steady climb

Ocean carriers transported just under 14 million TEUs in June, a 1.3 percent increase from the same month a year ago.    Global transport volumes of containerized cargo continued to grow at a slow, steady pace in June, climbing 1.3 percent year-over-year to 13.99 million TEUs for the month, according to the latest data from industry analyst Container Trade Statistics (CTS).
   Contrary to typical seasonal demand patterns, however, total shipments were down 4.4 percent on a sequential basis, as imports and exports to and from Asia, Europe and North America were all down compared with May volumes.
   On a year-over-year bases, containerized exports from Europe jumped 8.7 percent to 2.45 million TEUs, while import volumes grew 3.1 percent to 2.75 million TEUs.
   Growth in Far East Asia exports was much more muted, with volumes ticking up 0.9 percent to just shy of 8 million TEUs for the month, while import volumes increased 2.5 percent to 5.52 million TEUs.
   In North America, on the other hand, container export volumes slipped 1.1 percent to 1.28 million TEUs, while imports rose 3.3 percent to 2.4 million TEUs compared with June 2017.
   Through the first half of 2018, total international volumes have grown 3.8 percent to 82.9 million TEUs compared with the six-month period last year, according to CTS.
   Ocean carriers are counting on a steady increase in international trade volumes in order to keep rates afloat after some disappointing first half financial results.
   Container freight rates have been under considerable pressure from slowing demand growth and persistent overcapacity in the early portion of 2018, but as of last week, two of the primary indices measuring spot pricing were on the rise.
   The World Container Index, produced by London-based shipping consultant Drewry, shot up 13.5 percent from the week before and 6.6 percent year-over-year, while the Shanghai Shipping Exchange’s Shanghai Containerized Freight Index clocked in 0.8 percent lower than in the first week of August 2017 despite a 3.1 percent sequential gain.