The Shanghai Containerized Freight Index fell 3.5 percent from last Friday to a reading of 707.68, declining for the second straight week as the short-term boost after Hanjin Shipping filed for receivership at the end of August has now faded.
The Shanghai Containerized Freight Index fell 3.5 percent since last week to a reading of 707.68 today as several major trades experienced declines.
The overall index has now declined for two consecutive weeks, illustrating how the short-term boost in rates experienced after Hanjin Shipping filed for bankruptcy at the end of August has now subsided.
From Shanghai to Northwest Europe, rates fell 8.5 percent since last week, from $764 per TEU to $699 per TEU.
Rates from Shanghai to the Mediterranean tumbled even further, declining 12.6 percent, from $667 per TEU to $583 per TEU.
Meanwhile, rates from Shanghai to the U.S. West Coast slipped 2.3 percent, from $1,726 per FEU to $1,686 per FEU, while rates from Shanghai to the U.S. East Coast fell 0.7 percent, from $2,433 per FEU to $2,416 per FEU.
However, several ocean carriers have announced freight rate increases from Asia to North Europe, the Mediterranean and the U.S. in the coming weeks.
German carrier Hapag-Lloyd announced increased “Freight All Kinds” (FAK) rates from East Asia to North Europe and the Mediterranean effective Oct. 15.
In addition, CMA CGM of France also announced new FAK rates on the Asia to North Europe trade effective Oct. 15, with end validity Oct. 31.
Danish carrier Maersk Line will increase rates from Far East Asia to North America effective Oct. 1, while Hapag-Lloyd will increase rates from East Asia to the U.S. and Canada effective Oct. 15.
SCFI slips on major trades
