Container freight rates on the main trades out of India have continued to cool in September as the pace of exports slowed.
On the westbound India-Europe trade, average spot rates for loads from West India [Jawaharlal Nehru Port (JNPT)/Nhava Sheva or Mundra Port] to Felixstowe/London Gateway (UK) or Rotterdam in April have decreased to $4,100 per 20-foot container and US$4,300 per 40-foot container, from US$4,800 and US$5,000, respectively, at the end of August.
For West India-Genoa (the West Mediterranean) bookings, TEU rates have dropped to US$4,000/TEU, from US$4,800, and US$4,200/FEU rates, from US$4,600/FEU, the CN analysis shows.
However, eastbound cargo (imports into India) rates for these port pairings have ticked up month on month. Spot rates for bookings from Felixstowe/London Gateway or Rotterdam to West India have stood at US$1,200/TEU and US$1,500/FEU, from US$1,100 and US$1,350/FEU, respectively, reported at the end of August.
For trades from the West Mediterranean (Genoa) to West India, July rates have relatively stood steady at US$1,000/TEU or FEU.
Spot prices on the India-US East Coast trades have sunk in September from the highs seen through July. Average rates for shipments from West India (Nhava Sheva/Mundra) to the US East Coast (New York) have fallen to US$5,100/TEU and US$5,200/FEU, from US$8,000 and US$9,000 month-on-month. For Indian container loads moving to the US West Coast (Los Angeles), rates have also declined significantly – down to US$5,300/TEU and US$6,300/FEU, from US$6,000 and US$7,000, respectively, reported at the end of August.
Similarly, for the West India-US Gulf Coast (Houston) trades, average August rates have decreased to US$5,400/TEU and US$5,600/FEU, from US$8,000 per dry container a month ago, according to the CN analysis.
Rates on the US East Coast-West India trades (return leg) have ticked up month-on-month, hovering at US$650/TEU and US$1,000/FEU, versus US$550 and US$750, respectively, in August. From US West Coast to West India, however, booking rates have dropped to US$1,300/TEU and US$1,900/FEU, from US$1,900 and US$3,200, respectively, a month ago.
Average rates from the US Gulf Coast to West India have seen modest gains from August averages –up to US$1,300/TEU and US$2,000/FEU, from US$1,200 and US$1,900, respectively.
Carrier rates on intra-Asia trades out of India have continued to be in negative territory, on most port pairings, the CN analysis found. For West India-Yantian (South China), the analysis put average rates in April at US$30/TEU and US$40/FEU, and for West India-Tianjin (North China), carriers are accepting bookings at as low as US$5/TEU and US$10/FEU.
For West India-Shanghai (Central China) trades, rates have also remained in negative territory, at as low as US$5 per TEU or FEU.
Also, for West India loads to Singapore, carriers are also accepting bookings at as low as US$5/TEU or FEU.
September rates for West India-Jebel Ali (Dubai) bookings have weakened month on month, to US$550/TEU, from US$625, and $1,050/FEU, from US$1,200. Meanwhile, India’s merchandise export trade by value fell 9% in August, after a streak of monthly gains in the new fiscal year 2024-25 that began in April. According to provisional government data, total goods exports by value amounted to US$34.71 billion.
