Shipping lines are making some progress this week in improving their dismal voyage results, with spot freights ex-Far East to Europe and the Mediterranean nudging up today, according to the Shanghai Containerised Freight Index (SCFI).
The freight barometer posted a 151% increase USD861 per teu in the average spot rate for liftings out of Shanghai to Northwest European main ports.
The rate for shipments to Mediterranean discharge ports was up almost 50% to USD1,003 per teu today.
It was the first time in many weeks that cargo rates in the major westbound trades ex-Shanghai notably went up simultaneously. Container lines had aimed for much higher increases of up to USD1,300 per teu for the Asia/Europe route as per 1 May but slot overcapacity on the route undermined carriers’ pricing discipline.
Contrary to the major westbound routes, several other routes sustained losses in spot rate levels again. SCFI benchmark rates for cargoes ex-Shanghai to the US West Coast and the US East Coast slipped by about 8% each, while the Shanghai/East Coast South America trade (into Santos) suffered a 20% erosion after last week’s increase.