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Asia – Europe container spot rate plunge continues

Photo: Cosco Shipping Lines cosco shipping lines_.jpg
Containers spot freight rates on the Asia – Europe trade have continued to crumble over the last week.

Drewry reported that Shanghai – Rotterdam had declined 18% to $2,192 per feu, a drop of $495. The rate between Shanghai and Rotterdam is now 84% lower than it was year ago as the boom seen in 2020 and 2021 is almost completely wiped out.

Drewry’s composite World Container Index (WCI) was down 7% last week at $2,404.46 per forty box, its 39th consecutive weekly drop and 74% lower than the same time a year earlier, and 77% below the peak of $10,377 per feu in September last year.

The Shanghai Containerized Freight Index (SCFI) was down 5.9% on the previous week at 1,229.9 points.

According to Drewry rates on on Shanghai – Los Angeles 3% to $2,069 per feu, while rates from Shanghai – New York slipped 4% to $4,846 per 40 foot box.

Looking ahead the analyst said, “Drewry expects smaller week-on-week reductions in rates in the next few weeks.”

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