News
Container exports from China in Week 41 saw a decline in shipping capacity supply as some services were suspended due to China's National Day Golden Week. The composite Shanghai Containerized Freight Index (SCFI) stood at 1,814 points. Spot rates for container exports from Shanghai remained weak on major routes to North America, Europe and elsewhere, although they mildly rebounded on others.
On individual trades, spot rates plunged 12.6% to $2,097 per FEU for containers to the west coast of North America, which have stayed on the decline for 21 weeks in a row, and 5.6% to $5,816 per FEU for those to the east coast, which have remained bearish for 20 weeks running. On the route to Europe, rates fell 12.5% to $2,581 per TEU, which have trended down for 19 straight weeks. Spot rates went down 8.4% to $2,747 per TEU on the trade lane to the Mediterranean.
