News
The composite Shanghai Containerized Freight Index (SCFI) slid 8% from the previous week to 3,154.26 points in Week 34, having remained on the decline for the 11th week in a row, according to the Shanghai Shipping Exchange (SSE). Spot rates for container exports from Shanghai plunged on the routes to the west coast of North America, Europe and Southeast Asia.
The U.S. Federal Reserve Board (FRB) has announced another interest rate hike and implied the continuation of its tightening policy, easing supply and demand. Spot rates, as such, fell 11.2% to $5,134 per FEU on the route to the west coast of North America, which have continued to dip week on week for 15 weeks running. Rates declined 2.1% to $8,801 per FEU on that to the east coast, which have stayed on a downward trend for 14 straight weeks. Spot rates for containers to Europe slid 7.2% to $4,441 per TEU and for those to the Mediterranean, 7.5% to $5,071 per TEU. The former, has continued to go down for 13 consecutive weeks, is expected to stay bearish for the time being.
