In what has become a regular headline, Asia-Europe rates once again take a plunge – this time of 40%.
OK, there was an upward drift over the turn of the months attributed by the Euro press to post-holiday manufacturing volumes from China. But last week, container spot rates plummeted on both the Asia-North Europe and Asia-Mediterranean trades with capacity over-supply closing the doors on lines’ hopes of general rates increases (GRIs) this month.
Lloyds List reported that the Shanghai containerised freight index (SCFI) recorded that Shanghai-North Europe rates (US$674 per TEU two weeks ago), had fallen to US$409 - a drop of around 40%.
