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Container rates have started to fall, according to the Shanghai Containerised Freight Index and other monitoring agencies as new capacity makes vessel space easier to find.
After increasing to a five-year high to US$2,980 in July, spot rates from Shanghai to the US west coast were down $68 to $2,567 per TEU for the week of September 10 compared to the previous week, and rates were $36 lower per TEU, or $4,027, to the US east coast.
The Shanghai index showed that rates to Europe, the Med, Dubai, West Africa, South America were also down, though rates to Australia had improved after falling 50 per cent or more since January.
A week ago, the Shanghai index posted its biggest weekly drop since started operation a year ago, down 37 points to 1,413. Meanwhile, westbound Asia-Europe rates have flattened or went down slightly as space became easier to find and carriers delayed or substantially reduced peak season surcharges announced in June.
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