Spot ocean freight rates ex China have been falling steadily since the Shanghai Containerized Freight Index (SCFI) reached a historical high of 5,110 points at the beginning of this year (7 January).
The pressure on spot rates significantly increased in early September with the index published by the Shanghai Shipping Exchange dropping no less than 18.8% between 26 August and last Friday, 9 September.
The largest spot freight rate decreases on the East-West trades were recorded on the corridor from Shanghai to California which last year attracted a huge amount of extra slot capacity as it became the most lucrative trade route in terms of revenue per nautical mile.
As spot FreightRates from Shanghai to California fell below USD 3,500/feu last week, revenue per nm on this route is now down to 60 cents.
Source: Alphaliner
