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Market Intelligence [Square Newsletter] 2023 No.3

Registration dateMAR 30, 2023

MONTHLY BRIEF

The US PMI Index was 47.7, shrinking for 4 consecutive months. On the contrary, China recorded 52.6, the highest on record after 55.3 in April 2012 because of the effect of the reopening.
The container supply is expected to increase by 6.6% in 2023 and 5.7% in 2024 respectively. However, the market is likely to weaken as large-scale vessel delivery and demand decrease are expected in 2023.
As the international air freight supply around the world continuously increased centered on belly supply, the air freight supply returned to the pre-pandemic level in 4 years.

Economic Indicators

98.4(0.1) February
47.7(0.3) February
77.1(3.0) February

The OECD Leading Indicators Slip Slightly in U.S., while Europe and China remained the same as in January 23, but fell short of the benchmark and are considered to be in a state of economic contraction.
The strengthening U.S. dollar index and surge in U.S. crude oil inventories continue to put pressure on crude oil prices. WTI declined by 3.8% MoM to USD 77.1 in Feb ’23.

Logistics Market Trends

981(60) February
4.42(0.55)
4.76(0.92)
February
2,780(0.762) February

The SCFI composite index continues to decline, but it is 15% higher than ‘19 average. has been falling for six consecutive months for HKG-EUR and nine consecutive months for HKG-US.
The recovery in demand and supply of air cargo has been delayed due to inflation and the economic slowdown, and Jet Fuel and FSC are continue decline after 2nd half of '22

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