News
Average container freight rates for Chinese exports have dropped 28% since the start of the year, the worst first-quarter development in 20 years, according to a report released yesterday by the Baltic and International Maritime Council (BIMCO). Despite the adverse development, however, they were only 8% lower than a year ago while remaining 39% higher than in 2019.
The 28% fall reduced the China Containerized Freight Index (CCFI), which reflects the general export freight rate level from 10 major ports based on inputs from 23 liner operators, from 1,548 at the beginning of the year to 1,112 at the end of the first quarter, not least due to a record high fall in spot freight rates. The Shanghai Containerized Freight Index (SCFI), which measures spot rates for Shanghai exports, has fallen 46% since the beginning of the year, the largest first quarter fall since the SCFI began in late 2009.
"Since 2006, the CCFI has on average only fallen 2% during the first quarter and has only declined more than 10% four times," said Niels Rasmussen, chief shipping analyst at BIMCO. "The second worst year was 2023 when average rates fell 24% between the start and end of the first quarter."
