News
Demand for container exports from China weakened in Week 37 as demand decreased among consumers in the U.S. and Europe as well, keeping spot rates on a downward trend. The composite Shanghai Containerized Freight Index (SCFI), an indicator for spot rates for container exports from Shanghai that do not include terminal handling charges (THCs), fell 9.73% from the previous week to 2,312.65 points, which have continued to sink for the 14th week in a row. Since reaching a peak in early 2022, they have plunged 55% in total.
Spot rates plunged 12.45% to $3,050 per FEU on the route to the west coast of North America, which have on the decline for 18 weeks running. On the route to the east coast, spot rates slid 7.6% to $7,176 per FEU, which have remained bearish for 17 consecutive weeks and plummeted 40% since climbing to an all-time high early this year.
Spot rates continued to go down on the trade to Europe, too, which sank 8.56% to $3,545 per TEU and have trended down for 16 straight weeks. On the trade to the Mediterranean, spot rates dropped 10.54% to $3,777 per FEU, falling below the $4,000-per-TEU mark.
