Spot container rates fall another 8.8%

Rates from Shanghai to Northwest Europe, the Mediterranean and the United States have all declined for the past two consecutive weeks.    Spot container rates dropped 8.8 percent from last week’s reading of 745.91 to a reading of 680.22, according to the latest estimates from the Shanghai Shipping Exchange’s Shanghai Containerized Freight Index.
   Since last week, rates from Shanghai to Northwest Europe tumbled 20.6 percent, from $932 per TEU to $740 per TEU. In addition, rates from Shanghai to the Mediterranean dropped 15.0 percent, from $1,022 per TEU to $869 per TEU. 
   Ironically, several major ocean carriers looked to increase rates today, with MSC, CMA CGM and Hapag-Lloyd announcing general rate increases of $500 per TEU on the Asia to North Europe and Mediterranean trades. CSCL also issued a general rate increase of $475 per TEU on both trades effective today, while Maersk Line announced an increase of $500 per TEU on the Asia to Mediterranean trade, which was also scheduled to take effect today. 
   Rates from Shanghai to the U.S. West Coast ($1,498 per FEU last week) and U.S. East Coast ($2,542 per FEU last week), dropped 5.4 percent and 3.3 percent this week, respectively.
   In addition to the overall reading, spot container rates on all four of these major trades have posted declines for the past two consecutive weeks.