News
Container exports from China in Week 42 saw shipping capacity decrease as some services were suspended due to the country's National Day Golden Week. Spot rates for ex-Shanghai containers remained weak on major routes to North America, Europe and elsewhere, although increases were registered on others. The composite Shanghai Containerized Freight Index (SCFI) fell 1.95% from the previous week to 1,778.69 points, which has stayed on a downward trend for the 18th consecutive week.
Spot rates for container exports from Shanghai went down 3.2% to $2,029 per FEU on the route to the west coast of North America, which have trended down for 21 weeks in a row and plunged 75% since reaching a peak at $8,117 per FEU on Feb. 28. On the route to the east coast, rates dipped 3% to $5,639 per FEU, which have continued to slide for 20 straight weeks and diminished 52.9% since setting a record high of $11,976 per FEU on Sept. 24, 2021. Spot rates sank 7.8% to $2,379 per TEU on the trade to Europe, which have remained bearish for 19 weeks running and dropped 69.5% since reaching a high of $$7,797 per TEU on Jan. 14. Spot rates were sluggish on that to the Mediterranean, too, waning 6.5% to $2,568 per TEU.
