While it is still too soon to really tell, a quick check in the Xeneta platform shows that the November 1st GRI for the Far East to North Europe routes has only seen about a 1% drop in 16 days. Applause.
When we compare how the past GRIs fared earlier in the year, November's is by far the one that seems to have held its own. July, August and September GRIs saw a quick spike and super fast drops within days; over 10% in less than a week. November should be proud.
Have a look at the analysis from Xeneta. Steep drop, steep drop, steep drop... and then plateau. Refreshing.
[CLICK TO ENLARGE]
Figure: Far East Main Ports - North Europe Main Ports | June 1, 2016 - November 16, 2016 | 40ft container | Short-term contracts
As stated earlier, this is just an observation and we cannot say how the market will progress next week or thereafter. However, it is a tiny indication that perhaps the market is indeed getting slightly better. Though, it is still highly unpredictable we can say that November, so far, seems to be holding. It's better than what we saw earlier in the year, at least. Progress is progress. Stay tuned.
How Were Ocean Freight Rates in Q3? Indications for 2017?