The UN Security Council's proposed ceasefire in Gaza is deadlocked and neither Israel nor Hamas has publicly committed to the plan. Meanwhile, the freight index continued to rise, week-on-week increase expanded to 6.1% from the previous period. Pro-palestinian Yemeni Houthi militants are again using drones to attack Red Sea merchant ships, a move that has led to rising freight rates and no sign of a pullback. All four major routes and South East Asian Airlines showed an upward trend, particularly the 40-foot container rate on the far east to us-west route, which rose as much as 11 per cent. The Knock Nevis market has been affected by the recent stalemate in the UN Security Council's Gaza ceasefire agreement and Houthis drone attacks on merchant ships in the Red Sea. Against this backdrop, Wan Hai Lines shipping closed up by its daily limit, with Yangming up 4 per cent and Evergreen Marine up 3 per cent.
Lars Barstad, Chief Executive Officer of tanker giant Frontline Management, said that despite the UN Security Council's announcement of a truce between Israel and Palestine, the agreement was fragile, according to foreign media reports, safe Navigation of vessels and crews in the Red Sea area can not be guaranteed. It expressed concern that merchant ships were returning to the Red Sea, calling it a“Naive” idea. The latest Shanghai Container Export Freight Index (SCFI) rose 194.35 points to 3,379.22 on the 14th, extending its weekly gain to 6.1% compared with the previous period, all four major routes and South East Asian Airlines prices rose. According to the latest rates, Far East to North is up even more, Far East to west is up more than 11 per cent at nearly $7,000 and Far East to east is up nearly $8,000 at the FEU level, the increase was also larger than the previous period. Far East to west was $6,909, up $697, or 11.22% , and Far East to east was $7,993, up $546, or 7.33% . Far East to Europe rose $230, or 5.82% , to $4,179, and Far East to Mediterranean $4,848, or $64, or 1.33% , to $4,848.
In addition, on the near-ocean line, Far East to Southeast Asia TEU rose $52, or 8.29% , from the previous week, while Far East to Kansai region, Guandong and Far East to South Korea Teu rates were flat. As the third quarter of the peak season is coming, the market out of the major shipping companies to increase the peak season surcharge and increase FAK rates. Maersk has announced on the 13th to increase the FAK rates from Asia to northern Europe, the maximum close to tens of thousands of dollars, other shipping companies will follow, the specific increase how, we look forward to!
