News
Container exports from China were sluggish in Week 28, as interest rate hikes in the U.S. and Europe to combat inflation weakened transport demand, which resulted in lower freight rates on east-west trunk trade routes. The composite Shanghai Containerized Freight Index, which is for spot rates for containers from Shanghai that do not include terminal handling charges (THCs), fell 1.7% from the previous week, staying on the decline for five weeks in a row.
As for spot rates on the route to North America, those for containers destined to the west coast decreased 3.3% to $6,883 per FEU, remaining bearish for nine weeks running. Those for containers to the east coast sank 0.7% to $9,534 per FEU, staying on a downward trend for eight straight weeks. Spot rates went down for containers to Europe, too, which went down 1.5% to $5,612 per TEU, incurring a week-on-week shrinkage for the seventh consecutive week. Those for containers to the Mediterranean waned 1.4% to $6,268 per TEU.
