Container shipping rates, rare plunge

2024 09/19

Recently, the container shipping market has experienced a rare sharp decline. The freight rates from Asia to Europe have plummeted significantly, and the trans-Pacific routes face challenges. Shipping companies have canceled many voyages before the Asian Golden Week due to weak demand. According to the latest report from the Shanghai Shipping Exchange, most route freight rates have decreased, dragging down the composite index to 2726.58 points, an 8.0% drop from the previous period. Rates for Mediterranean and European routes have fallen by 10.8% and 6.4%, respectively. The trans-Pacific routes are also affected, with rates from Shanghai to Los Angeles dropping by 7% and those to New York by 21%.