A recent analysis released on Thursday revealed that although geopolitical headwinds caused a 27% increase in container logistics prices in the Indian shipping industry in July, the nation exhibited resilience in the face of extreme volatility in the Asian markets.
According to the results of the “Container xChange August Forecaster Survey,” the majority of supply chain professionals anticipate more increases in container prices in the upcoming weeks in August.
Since the start of the Red Sea diversions brought on by Houthi attacks in November of last year, the Asian container logistics market has been volatile, according to Christian Roeloffs, cofounder and CEO of Container xChange, an online global marketplace for container trading and leasing with headquarters located in Germany.
According to Roeloffs, “India’s average container prices have been less volatile than those of other Asian countries since the beginning of this year, 2024,” as well as in 2023.
India has seen monthly increases in container pricing since the start of the year, and in July 2024, these prices increased even further to $2,028 from $1,941 in June and $1,603 in May.
According to the analysis, the average cost of a container in Chennai increased steadily between December 2023 ($1,502.5) and July 2024 ($2,072.5).
Container prices tend to rise in the later months, particularly starting in April 2024, as a result of heightened volatility brought on by global geopolitical headwinds that affect the nation’s container logistics sector.
According to Roeloffs, “the professionals in container logistics should take these trends into account for future strategic planning, ensuring adequate supply to meet the rising demand and mitigating potential disruptions.”
According to the survey, Chinese ports in Asia are going through substantial peaks and troughs in volatility, which could be caused by differences in international demand and trade volumes.
Ports in Singapore, Malaysia, and Hong Kong exhibit an increasing trend, with a substantial uptick in June and July, suggesting a surge in commerce or demand.
