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Golden week in China is set to run from 1st to 7th October. Golden week is a week long celebration starting with “Chinese National Day” on 1st October. The celebrations commemorate the founding of the Peoples Republic of China.
During Golden week many factories and offices are closed across China and many staff from the factories return home to their families, many of these to the more rural internal regions of China which are still largely agricultural zones.
The shut down creates a lull in shipping and has this year forced the carriers to start reducing rates from late September and validate them to the middle of October. In theory there will not be much freight to move on Westbound routes into Europe during this period which is worrying some carriers as they are already facing a shortage of capacity with 80% full vessels as opposed to the 90% target that most Intl carriers set themselves to maintain good profitability.
The theory is that carriers will look to increase rates again for the second half of October which will help maintain rate levels going into Q4 which should be the busiest time of the year. As always our team of experts will be closely watching developments on all markets so that we can continue to bring clients a quality logistics product based on the keenest rates in the market.
Mannson Freight regularly send out their rates to all their customers, when the market is moving. This ensures you get the most up to date and competitive price for your shipments. Click on the quote link below or email us at firstname.lastname@example.org
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