Spot rates continue to decline on Shanghai-Europe, Med trades

Spot container rates from Shanghai to Europe have been continuously declining since the end of August, while on the Shanghai to Mediterranean trade, they have been falling since the end of July.    The Shanghai Shipping Exchange’s Shanghai Containerized Freight Index (SCFI) slipped 1.3 percent since two weeks ago, falling from a reading of 715.97 to a reading of 724.93.
   The SCFI, which is an estimate of spot rates typically published each Friday from Shanghai to 15 regions around the world, was not published last Friday due to China’s Golden Week holidays.
   Compared to two weeks ago, rates from Shanghai to Europe fell 3.9 percent, from $714 per TEU to $686 per TEU, while rates from Shanghai to the Mediterranean dropped 5.8 percent, from $692 per TEU to $652 per TEU.
   Rates from Shanghai to Europe have continuously declined since standing at $923 per TEU on Aug. 25, while rates from Shanghai to the Mediterranean have continuously fallen since totaling $883 per TEU back on July 28.
   Meanwhile, rates from Shanghai to the U.S. West Coast tumbled 9.5 percent since two weeks ago, from $1,414 per FEU to $1,367 per FEU, while rates from Shanghai to the U.S. East Coast slipped 1.3 percent, from $1,991 per FEU to $1,801 per FEU.