Global – Shipping rates on Asia-northern Europe routes recorded a decline in November, according to the Shanghai Containerised Freight Index (SCFI).
For Asia to northern European ports, SCFI spot rates have made gains since November 1, with both Mediterranean and northern European lanes posting declines over the last three weeks. High points were achieved by general rate increases of between US$ 700 and US$ 800 per TEU, most of which have since been eroded.
Morgan Stanley Commodities freight trader Michael Rainsford comments: ‘These declines are simply reflective of the ever-present weak fundamentals on the Asia-Europe trade lane.’
In the week ending November 22, the spot rate from Shanghai to the US West Coast slipped by 1.9% or US$ 36 from the previous week to US$ 1849 per FEU while SCFI spot rates for the US East Coast edged down 1% or US$ 33 to US$ 3151.