Spot rates from Shanghai to Los Angeles fell 5 per cent to $2,196 per 40ft container, while those from Shanghai to New York dropped 2 per cent to $3,200 per 40ft container.
Asia–Europe spot rates also declined for the tenth straight week, falling 7 per cent to $1,613 per 40ft container on the Shanghai–Rotterdam route and 9 per cent to $1,804 per 40ft container on the Shanghai–Genoa route. Freight rates on the Rotterdam–Shanghai route eased slightly to $461 from $459 per FEU. Rates fell 1 per cent on the Los Angeles–Shanghai route to $712 per FEU and on the Rotterdam–New York route to $1,796 per FEU. However, freight on the New York–Rotterdam route rose 1 per cent to $847 per FEU.
Carriers are increasing blank sailings and cutting capacity to align with slowing demand ahead of China’s Golden Week holiday, when factories will be shut for eight days from October 01. As a result, East–West spot rates are expected to decline further in the coming weeks.
Drewry’s Container Forecaster projects that the supply-demand balance will weaken in the next few quarters, leading to further contractions in spot rates.
ALCHEMPro News Desk (KUL)
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