News
The Shanghai Containerized Freight Indexes went down in Week 12 on all trade routes but in intra-Asia waters.
Spot rates for container exports from Shanghai to the east coast of North America fell 1.2% to $10,504 per FEU, staying on the decline for the sixth week in a row. Those for containers to the west coast, meanwhile, declined a milder 0.8% to $7,960 per FEU, remaining on a downward trend for three weeks running. A second lockdown began in the Chinese city on March 28. Factory shutdowns are expected to have an adverse impact on demand for exporting goods from China. Freight rates are, as such, projected to remain weak for a while.
On the trade to Europe, spot rates sank 3% to $6,593 per TEU, trending down for nine straight weeks, while those for exports to the Mediterranean dipped 1.6% to $6,921 per TEU.
In intra-Asia waters, containers to Kansai in Japan were moved at $339 per TEU, up 7.6%; to Kanto, at $329 per TEU, up 6.5%; and to South Korea, at $374 per TEU, up 5.9%. In contrast, rates dropped 3.3% to $1,098 per TEU for exports to Southeast Asia. It was the first time since November 2021 that they had fallen below the $1,100-per-TEU line.
