News
Container exports from China experienced freight rate decreases on major trade lanes in Week 44. They declined more severely than in the previous week despite efforts made by carriers to control capacity. 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 7% from the previous week to 1,579.21 points, which have remained on a downward trend for 20 weeks in a row.
Spot rates plunged 11.6% to $1,681 per FEU on the route to the west coast of North America, which have stayed on the decline for 24 straight weeks, although shipping capacity adjustments were made between China and North America. Rates were bearish on the route to the east coast as well, waning 8% to $4,890 per FEU, which have trended down for 23 consecutive weeks.
Spot rates slid more vividly on the trade to Europe, plunging 16.1% to $1,763 per TEU, which have continued to dip for 22 weeks running. Rates sank 5.2% to $2,222 per TEU on the route to the Mediterranean.
