Container freight rates decline accelerated after the Chinese New Year

Container freight rates have accelerated their decline, and China-Europe rates are below USD 300 again, TASS reports.

According to the latest reading of Shanghai Containerised Freight Index (SCFI) China-north Europe spot prices fell 22.6% last week to USD 257 per TEU. Rates from Shanghai to the Mediterranean fell 22.7% to USD 266 per TEU.

TransPacific freight rates slipped by 5% on average. SCFI from Shanghai to the U.S. East Coast went down 4.4% to USD 1983, rates to the West Coast declined by 6.1% to USD 1005 per FEU.

Analysts point, that decline is nortmal in the first weeks after the Chinese New Year as the factories start up after a 2-weeks stoppage. Yet the decline is steeper than last year, driven by overcapacity.