Asia-Med freight rates suffer worst of bad week, says Shanghai index data

FREIGHT rates on all major trade lanes out of China fell last week with the biggest fall taking place on the Asia-Mediterranean trade where the all-in spot rate fell to US$926 per TEU, down 1.6 per cent from the week before, according to the latest Shanghai Containerised Freight Index (SCFI).

The most recent drop in rates on the trade has essentially "wiped out" gains made earlier this year where the trade saw consecutive week-to-week increases between May 13 and June 10 to a high of $956 per TEU.


Asia-Europe rates fell again last week to a new low of $809 per TEU, as hopes for a peak season on the trade this year growing frustratingly dim.


And it is not much better elsewhere. Rates to the US east coast dipped marginally by less than one per cent to $3,103 per FEU, while west coast rates fell by 1.5 per cent to $1,627 per FEU.


Shipbroker ACM Shipping reports that the recently announced service suspensions on the transpacific trade will still be some weeks off, and any positive impact on freight rates will be pushed back until then.


But this "positive impact" will also depend on when the peak season begins, if indeed it does at all, said ACM.