Spot container rates fall back to earth on major trades

Since last week, rates from Shanghai to Northwest Europe and the Mediterranean fell 31.8 percent and 19.7 percent, respectively.    Spot container rates as measured by the Shanghai Shipping Exchange’s Shanghai Containerized Freight Index (SCFI) have declined from last week’s reading of 759.00 to a reading of 641.51. The overall SCFI includes spot rate estimates from Shanghai to a total of 15 regions around the world.
   Since last week, rates from Shanghai to Northwest Europe dropped from $988 per TEU to $674 per TEU, while rates from Shanghai to the Mediterranean fell from $804 per TEU to $646 per TEU.
   From Shanghai to the U.S. West Coast, rates dropped from $1,363 per forty-foot container (FEU) to $1,102 per FEU, while rates from Shanghai to the U.S. East Coast fell from $2,354 per FEU to $2,015 per FEU.