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Shipping Rates on Asia-Europe Routes See Record Fall

(Arabian Supply chain)

Major container shipping rates plummeted again this week, with declines on the trunk Shanghai-Europe routes falling at record amounts, according to the latest Shangahi Containerised Freight Index (SCFI).

The SCFI for Far East to North Europe dropped by a staggering 31%, losing US $143 per teu to finish the week at US $313 per teu. The rate to the Med also finished at US $313 per teu, one the first times that the southern gateways have commanded a similar freight rate to Europe’s northern ports.

The Far East to Med route decline represented a drop of 30%, or US $135 per teu. The decline represents a potential loss for shipping lines operating ultra large container ships of US $2.4-million on a single voyage. Click here to read more.

Related: More Spot Rate Sorrow for Carriers (Lloyd’s List)