spot rates have fallen by 10% for the fourth week running as increasingly looks
like the sector could be in for a hard landing.
weather Shanghai Containerized Freight Index (SCFI) has lost another
10.4% over the last week to be recorded at 2072.04 some 240.61 points lower
than week earlier.
The SCFI is now 59% lower than it was
in January this year when it stood at all time high of 5,051 points.
It was a
similar picture for the Drewry World Container Index (WCI) which
reported a 10% week-on-week fall on Thursday to $4,471.99 per feu. It the 30th
week in a row that the WCI has fallen and the index is now 57% lower than the
same period last year.
to Drewry spot rates on Shanghai – Los Angeles fell 11% or $473 to $3,779 per
feu last week, while rates on Shanghai – Rotterdam dropped by 10% to $ 6,027
Rates are expected to continue falling and Drewry said it expects the index
to decrease in over the next few weeks.
lines have responded by aggressively pulling capacity from major trades ahead
of the Golden Week in China, but still rates continue to fall.
to Xenetacapacity on the trade between Asia and the US West Coast is 13%
lower than it was in the same period in 2021 – the equivalent of 21 ships of
8,000 TEU – the average vessel size on the trade.
the spot rates are falling… which is bound to impact on the long-term
contracted agreements in the near- to mid-term. Are we beginning to see a
wakeup call for carriers after such a prolonged period of growth?” said Peter Sand, Xeneta’s Chief