The Drewry World Container Index (WCI) snapped a six-week rally and eased 2.72 per cent. The index dropped to $2,246 per FEU (Forty-foot Equivalent Unit) for the week ending April 16. The index stood at $2,309 per FEU in the week ending April 9. The six-week rally was initially triggered by higher bunker fuel prices following the late-February conflict in the Middle East. After trending down throughout January and early February, the index spiked due to geopolitical and oil supply disruptions. However, the rally halted amid declining rates on Asia–Europe and Transpacific lanes.

According to the Drewry WCI index, the spot rates from Shanghai to New York and Los Angeles decreased by 3 per cent to $3,552 and $2,810, respectively, per 40-foot container. As per Drewry’s Container Capacity Insight, 9 blank sailings have been announced on the Transpacific trade route for next week to maintain capacity. A few carriers have announced a Peak Season Surcharge (PSS) of around $2,000 per 40ft container, effective May 1. Drewry expects freight rates to remain relatively stable in the coming weeks before the implementation of the announced PSS.

Drewry WCI snapped a six-week rally, falling 2.72 per cent to $2,246 per FEU amid easing freight rates.
Declines on Asia–Europe and Transpacific routes drove the drop, though carriers plan PSS hikes from May.
Despite Middle East tensions, rates are expected to remain relatively stable, with capacity shifts and blank sailings influencing movements.

Spot rates on the Shanghai–Rotterdam trade route decreased 3 per cent to $2,229 per 40ft container, while rates on Shanghai–Genoa fell 2 per cent to $3,343 per 40ft container. Carriers are increasing effective capacity on this trade route, with only one blank sailing announced so far. Meanwhile, ZIM has announced a new bunker factor (NBF) of $850 per container, effective May 1, but for now Drewry expects freight rates to remain stable in the coming week.

Rates from New York to Rotterdam decreased 4 per cent to $1,022 per FEU, while Rotterdam to New York increased 3 per cent to $2,030 per FEU. Rotterdam-Shanghai rose 1 per cent to $599 per FEU, and Los Angeles–Shanghai steadied at $762 per 40-foot container.

The US-led naval blockade around the Strait of Hormuz has halted or restricted ships linked to Iran, with multiple vessels turned back. The disruption has strongly impacted global oil supply chains and pushed oil prices even higher. If ongoing negotiations fail, shippers should prepare for reduced schedule reliability, potential port omissions, longer lead times and upwards pressure on freight rates.

Fibre2Fashion News Desk (KUL)

Bangladesh’s Energy Division recently said the capacity of the state-owned Eastern Refinery Limited (ERL) would affect little the fuel supply system as the unit contributes only a fifth of the country’s petroleum supply system while the rest is imported in refined form.

The country has ensured import of refined fuel from alternative sources despite the global situation, and there will be no adverse impact on oil supply due to ERL’s low feed operations, Energy Division joint secretary Monir Hossain Chowdhury was cited as saying by domestic media outlets.

Bangladesh’s Energy Division recently said the capacity of Eastern Refinery Limited (ERL) would affect little the fuel supply system as the unit contributes only a fifth of the country’s petroleum supply system while the rest is imported in refined form.
It has ensured import of refined fuel from alternative sources, and there will be no adverse impact on oil supply due to ERL’s low feed operations.

The facility is now operating two of its four units to refine oils with ‘dead stocks’ and is expected to make two other units operational again, he said. The process to import crude is under way.

Chowdhury said production slowdowns at two ERL units due to crude oil shortages would not disrupt the nation’s fuel supply as over 255,000 metric tonnes of refined fuel is in stock now.

The Strait of Hormuz has been almost closed since February 28 preventing scheduled arrival of 2,00,000 metric tonnes of crude oil to Bangladesh during that period, he noted.

A ship carrying 100,000 tonnes of crude was supposed to arrive from Saudi Arabia in March, but is currently stuck at Rastanura Port as it could not cross the Hormuz Strait, he informed reporters at a press conference. Another ship from the United Arab Emirates (UAE) also met the same fate.

A third ship carrying 100,000 tonnes of Arabian light crude is scheduled to depart from the UAE on April 20 and expected to reach Chattogram via an alternative route on May 2 or 3, he said.

The government has also requested Saudi Arabia to provide another 100,000 tonnes of crude oil in May, he added.

A work order has been issued with the approval of the cabinet to import 100,000 tonnes of crude oil through direct purchase to meet urgent needs.

Fibre2Fashion News Desk (DS)

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