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Published: 4 December 2017
Reefer rates on the radar
With many players in reefer transport expecting reefer shipping rates to rise, freight rate benchmarking and intelligence agency Xeneta has added reefer rates to its market intelligence platform.
"With over 20% of Xeneta’s existing customers also shipping refrigerated containers, reefer container data has already started to populate the platform with over 30,000 points for the main trade lanes already available for existing customers who form part of the Beta Program," Xeneta stated.
“We have had numerous requests for reefer rate data from our customer base and the general market. In particular, customers shipping perishables and pharmaceuticals are looking for the same type of real-time rate market intelligence we provide for dry containers. Because of the flexible and scalable technology behind our platform we have quickly been able to offer reefer rate data as a filter right in the platform where our customers can instantly switch between dry container and reefer rates,” said Patrik Berglund, CEO Xeneta.
Xeneta’s timing is no coincidence. Reefer industry players at the Intermodal Exhibition in Amsterdam last week were optimistic about the market for reefer containers, tracking systems and associated products, based on a surge in the number of orders for new reefer containers. The market is coming back from an 18 month period when few reefer containers were added, and while this is good news for the container industry, there is still some uncertainty on the leasing and shipping line side of the business as reefer rates did not rise in the first six months of the year to the extent some had expected, despite reports of equipment shortages in some areas. Leasing rates in particular were well below some expectations.
How far freight and leasing rates might rise as the market comes into the southern hemisphere growing season is uncertain. The cargo base is growing, but so is supply as new vessels with progressively higher percentages of reefer slots are deployed. Xentea notes that “shippers may experience rate increases” but at the same time “the landscape for refrigerated cargo will become more competitive. For a market that has for many years been seen as stable, volatility can also come into play as in the dry container market”.
Xeneta has available reefer container rate data for the following lanes:
- Export from South East Asia and China
- North Europe – US East Coast
- China – Northern Europe
- North Europe -China
- North Europe-Japan
- US East Coast - Japan
- North Europe -Latin America