The Times Australia
News From Asia

.

DHL: Ocean freight rate moving towards manageable levels

SINGAPORE - Media OutReach - 18 October 2022 - The DHL Ocean Freight Market Update report is now available. Below are highlights of the latest developments of the global ocean freight market in this monthly analysis by DHL Global Forwarding.



  • A muted peak shipping season in 2022 has prompted a downward shift for freight rate levels as effective vessel supply increases, demand into some key import markets slows. "This year, we did not see the normal rush for space ahead of Golden Week when factories close in China," said Kelvin Leung, CEO, DHL Global Forwarding Asia Pacific.
  • Easing bottlenecks – According to maritime analysis firm Sea-Intelligence, 50 percent of the global port congestion that was tying up vessels at ports in January had been cleared by August. The release of this extra capacity has relieved physical shortages of capacity and added to downward pressure on spot freight rates which have been in decline on the major East-West trades since the second quarter.
  • "We've seen an easing of port congestion, although labour strikes at ports in the U.K. are causing some disruption and we're still seeing vessel queues on the U.S. east coast which has offset improvements at U.S. west coast ports," said Leung.
  • Demand outlook - The demand side outlook continues to weaken on war risk, skyrocketing energy costs, political instability and general inflation, all of which are now impacting overall consumer spending and thus trade volumes. The combination of a manufacturing sector in recession, and rising inflationary pressures would add further to concerns about the outlook for the eurozone economy.
  • Meanwhile, the closure of factories during China's October Golden Week holiday along with the Chinese government's continuing zero Covid-19 policy have impacted production, reducing demand for shipping capacity. Drewry has now lowered its global container handling demand outlook for 2022 and 2023 to 1.5 percent, and to 1.9 percent, respectively, on the back of heavily downgraded GDP predictions.
  • Service reliability - The more favourable supply-demand balance for shipping's customers has led to a global schedule reliability improvement of 5.8 percentage points in August compared to July, while the average delay for late vessel arrivals also dropped sharply, according to Sea-Intelligence.

The DHL Ocean Freight Market Update is a monthly report by DHL Global Forwarding which tracks and analyses the latest developments of the global ocean freight market. Read full analysis on DHL's Logistics of Things here.

Hashtag: #DHL

DHL – The logistics company for the world

DHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 380,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility and retail, DHL is decisively positioned as "The logistics company for the world".

DHL is part of Deutsche Post DHL Group. The Group generated revenues of more than 81 billion euros in 2021. With sustainable business practices and a commitment to society and the environment, the Group makes a positive contribution to the world. Deutsche Post DHL Group aims to achieve net-zero emissions logistics by 2050.

Times Magazine

DIY Is In: How Aussie Parents Are Redefining Birthday Parties

When planning his daughter’s birthday, Rich opted for a DIY approach, inspired by her love for drawing maps and giving clues. Their weekend tradition of hiding treats at home sparked the idea, and with a pirate ship playground already chosen as t...

When Touchscreens Turn Temperamental: What to Do Before You Panic

When your touchscreen starts acting up, ignoring taps, registering phantom touches, or freezing entirely, it can feel like your entire setup is falling apart. Before you rush to replace the device, it’s worth taking a deep breath and exploring what c...

Why Social Media Marketing Matters for Businesses in Australia

Today social media is a big part of daily life. All over Australia people use Facebook, Instagram, TikTok , LinkedIn and Twitter to stay connected, share updates and find new ideas. For businesses this means a great chance to reach new customers and...

Building an AI-First Culture in Your Company

AI isn't just something to think about anymore - it's becoming part of how we live and work, whether we like it or not. At the office, it definitely helps us move faster. But here's the thing: just using tools like ChatGPT or plugging AI into your wo...

Data Management Isn't Just About Tech—Here’s Why It’s a Human Problem Too

Photo by Kevin Kuby Manuel O. Diaz Jr.We live in a world drowning in data. Every click, swipe, medical scan, and financial transaction generates information, so much that managing it all has become one of the biggest challenges of our digital age. Bu...

Headless CMS in Digital Twins and 3D Product Experiences

Image by freepik As the metaverse becomes more advanced and accessible, it's clear that multiple sectors will use digital twins and 3D product experiences to visualize, connect, and streamline efforts better. A digital twin is a virtual replica of ...

The Times Features

What Makes Certain Rings or Earrings Timeless Versus Trendy?

Timeless rings and earrings are defined by designs that withstand the test of time, quality craftsmanship, and versatility. Trendy pieces, on the other hand, often stand testimony ...

Italian Street Kitchen: A Nation’s Favourite with Expansion News on Horizon

Successful chef brothers, Enrico and Giulio Marchese, weigh in on their day-to-day at Australian foodie favourite, Italian Street Kitchen - with plans for ‘ambitious expansion’ to ...

What to Expect During a Professional Termite Inspection

Keeping a home safe from termites isn't just about peace of mind—it’s a vital investment in the structure of your property. A professional termite inspection is your first line o...

Booty and the Beasts - The Podcast

Cult TV Show Back with Bite as a Riotous New Podcast  The show that scandalised, shocked and entertained audiences across the country, ‘Beauty and the Beast’, has returned in ...

A Guide to Determining the Right Time for a Switchboard Replacement

At the centre of every property’s electrical system is the switchboard – a component that doesn’t get much attention until problems arise. This essential unit directs electrici...

Après Skrew: Peanut Butter Whiskey Turns Australia’s Winter Parties Upside Down

This August, winter in Australia is about to get a lot nuttier. Skrewball Whiskey, the cult U.S. peanut butter whiskey that’s taken the world by storm, is bringing its bold brand o...