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Wednesday, 01/03/2023, 06:28 (GMT +7)
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Exported container freight rates from Shanghai reduced on all routes
Container freight rates for exports from China continued to decline in the 8th week of the year and fell across the board, although freight capacity was adjusted.
Container freight rates have been on a downward trend for a long time (Photo: Phaata)
According to the Shanghai Container Freight Index (SCFI), a measure of spot rates for container exports out of Shanghai excluding the port handling surcharge (THC), fell 2.9% to 946. .68 points, the index fell for the seventh consecutive week.
On the east-west trade routes, spot rates for containers from Shanghai to Europe fell 3.1% to $882/TEU, having fallen for seven consecutive weeks; and to the Mediterranean, freight rates fell by 1.7% to $1,605/TEU.
Average rates fell 3.1% to $1,234/FEU on the North American west coast, where prices fell for four consecutive weeks, and 4.2% to $2,391/FEU on the east coast, where the average price fell for 38 consecutive weeks.
According to the Japan International Freight Forwarders Association (JIFFA), spot rates for containers from China to the Middle East Gulf on north-south routes fell 4.6 percent to $1,029 per TEU. Prices continued to fall for three consecutive weeks, although prices have been trying to stay above $1,000/TEU since September 2022.
Spot rates fell 6.2% to $346/TEU for exports to Australia and New Zealand. Spot rates to South America remained stable with a slight decrease of 0.1% to $1,507/TEU. However, freight rates are still higher than pre-pandemic prices, ranging from $1,400 to $1,500/TEU. Spot rates for shipments to Africa dropped rapidly.
In addition, intra-Asia spot rates fell 1.5% to $326/TEU on the route to Japan's Kansai region and 1.2% to $336/TEU on the route to the Kanto region of Japan. Container freight rates to Southeast Asia fell 3.7% to $155/TEU, while rates to South Korea fell 1.4% to $208/TEU.
See more:
- Excess empty containers pile up at Chinese ports
- Port of Melbourne begins to decline in container throughput in early 2023
- Port of Los Angeles reduces container volume in January
- Drewry Container Index slips below $2,000 per FEU
Source: Phaata.com (According to Container News)
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