Container numbers are up by 15%; air cargo is down by 2%
We are sharing the latest version of the cargo report.
Some highlights discussed this week include the following:
1. Local industry rebounds after last week:
a. At our container terminals, an average of 13 401 TEUs was handled daily, a significant increase from 11 631 TEUs the previous week.
b. Rail cargo handled out of Durban was reported at 3 884 containers, up by 9% from last week.
c. The daily average coal throughput for the week increased and averaged around 189 600 tons (+19%, w/w) a day.
2. Global shipping faces intensifying pressures:
a. Container port throughput dipped by -1,1% in July but remains +4,1% higher y/y, prompting an upgraded full-year growth forecast of +3,3%.
b. Freight rates continued their slide – down -7,9% this week and -52% y/y – despite resilient charter rates.
c. Other notable developments include (1) US tariffs targeting key imports, (2) China’s retaliation threats on USTR fees, and (3) extreme weather disruptions in Asia.
