Ocean freight rates continue to decline across major trade routes

SPOT market freight rates on the major trades out of China continued to fall last week as Asia-Europe freight rates declined a further 1.1 per cent week-to-week to US$800 per TEU, according to the latest Shanghai Containerised Freight Index (SCFI) data.

Asia-Mediterranean rates fared little better, falling 0.9 per cent from the previous week to a new low of $918 per TEU.


Services from China to the US were not able to escape as US west coast rates fell 1.1 per cent to $1,609 per FEU and rates to the US east coast dropped $3 per FEU to an average rate of $3,100 per FEU.


The SCFI across all trades based out of China declined 7.57 points for the week to bring the index to 1009.30 points.