THE latest Shanghai Containerised Freight Index (SCFI) shows that all-in spot market freight rates on container shipping services from China to North Europe have declined by US$55 week to week to $1,183 per TEU.
September's Asia-Europe GRI holding power in doubt as spot rates drop
THE latest Shanghai Containerised Freight Index (SCFI) shows that all-in spot market freight rates on container shipping services from China to North Europe have declined by US$55 week to week to $1,183 per TEU.
The decline came ahead of a general rate increase (GRI) that shipping lines were planning to introduce on September 1. This decrease suggests that carriers are struggling to implement the GRI on services between Asia and North Europe.
Over the same period spot rates on container shipping services from China to the Mediterranean dropped by $33 to $1,211 per TEU.
September's GRI ranges from $445-$500 per TEU on services from Asia to North Europe. Similar rate hikes on Asia-Mediterranean services had also been announced.
In stark contrast, the SCFI index for China-North Europe more than doubled in late June ahead of a move by carriers to implement a July 1 rate hike of up to $1,000 per TEU. In addition, rates rose at the end of July before an August GRI, and continued to rise the following week.
On the other hand, the SCFI index for services from China to North America rose. On US west coast services the index went up by four per cent week to week to $1,956 per FEU, while China to US east coast spot rates increased marginally by 0.5 per cent to $3,378 per FEU.
