SPOT CONTAINER FREIGHT RATES ON ASIA-EUROPE ROUTES CONTINUE TO PLUNGE

According to Drewry's data, container spot freight rates from Shanghai - Rotterdam fell sharply by 18%, to $2,192/FEU, down $495 in the past week.

According to Drewry's data, container freight rates from Shanghai - Rotterdam fell 18% to $2,192/FEU, down $495. Rates for the Shanghai-Rotterdam route are now 84% lower than in the same period last year - the boom time in 2020 and 2021. Rates are falling sharply and are close to returning to pre-pandemic levels.

Drewry's composite World Container Index (WCI) fell 7% last week at $2,404.46 per FEU. This is the 39th consecutive week of price declines and is now down more than 74% year-on-year and 77% below the peak of $10,377/FEU in September last year.

The Shanghai Containerized Freight Index (SCFI) fell 5.9% from the previous week at 1,229.9 points.

According to Drewry, rates on the Shanghai–Los Angeles route fell 3% to $2,069/FEU, while rates from Shanghai–New York fell 4% to $4,846/FEU.

The analyst forecast, "Drewry expects weekly rates to decline to a lesser extent over the next few weeks."