According to CN's market data analysis, outbound container freight rates from India continued to decline in November due to challenges in export demand growth.
India-Europe Westbound Trade:
On the India-Europe westbound trade lane, the average spot rates for shipments from West India (Jawaharlal Nehru Port [JNPT]/Nhava Sheva or Mundra) to Felixstowe/London Gateway (UK) or Rotterdam declined to $1,650 per 20-foot container (TEU) and $1,900 per 40-foot container (FEU) by the end of November, compared to $1,750 and $2,050, respectively.
For bookings to Genoa (West Mediterranean), rates dropped from $1,950/TEU and $2,150/FEU to $1,800/TEU and $1,950/FEU.
Eastbound Trade (Imports to India):
Spot rates from major European ports to West India also declined month-on-month. For shipments from Felixstowe/London Gateway or Rotterdam to West India, the average spot rates dropped to $900/TEU and $1,000/FEU, down from $1,000/TEU and $1,200/FEU reported at the end of November.
For trade from Genoa (West Mediterranean) to West India, December rates fell to $850/TEU and $950/FEU, down from $1,000/TEU and $1,050/FEU.
India-US Trade:
Spot rates on the India-US East Coast trade route softened further from their July peak. Average rates from West India (Nhava Sheva/Mundra) to the US East Coast (New York) fell from $2,200/TEU and $2,500/FEU to $1,850/TEU and $2,050/FEU.
For shipments to the US West Coast (Los Angeles), rates dropped sharply from $3,900/TEU and $4,800/FEU to $3,100/TEU and $3,500/FEU.
On the India-US Gulf Coast (Houston) trade, December rates declined to $2,600/TEU and $2,900/FEU from $3,500/TEU and $3,800/FEU reported a month earlier.
US-India Westbound (Return Route):
Rates on the return leg from the US East Coast to West India remained relatively stable month-on-month, hovering around $1,100/TEU and $1,500/FEU. Rates from the US West Coast to West India also saw no significant changes, averaging $1,200/TEU and $2,000/FEU.
For trade from the US Gulf Coast to West India, December rates eased to $1,600/TEU and $2,200/F
