Freight rates in various countries fell for 13 weeks in a row to extend the decline

The latest issue of the world's four largest container freight indices still fell sharply.

The Shanghai Container Freight Index (SCFI) was 2562.12 points, down 285.5. points from last week, a weekly decline of 10.0%, and has fallen for 13 consecutive weeks. It was down 43.9% compared to the same period last year.

Deloitte's World Containerized Freight Index (WCI) has declined for 28 consecutive weeks, with the latest period down 5% to $5,378.68 per FEU.

The Baltic Freight Index (FBX) global composite index was down 8% week-on-week at $4,862/FEU.

The Ningbo Export Container Freight Index (NCFI) of the Ningbo Shipping Exchange closed at 1,910.9 points, down 11.6 percent from last week.

The latest SCFI (9.9) continues to fall on all major routes.

North American routes: the performance of the transport market failed to improve, the supply and demand fundamentals are relatively weak, resulting in the market continued downward trend of freight rates.

U.S. West rates fell from $ 3959 last week to 3484/FEU, a weekly decline of $ 475, down 12.0%, U.S. West prices recorded a new low since August 2020.

U.S. East rates plunged to $7,767/FEU from $8,318 last week, down $551 per week, or 6.6 percent.

European routes: shrinking service sector, declining manufacturing, soaring inflation and economic downturn. Transportation market sentiment continues to be weak, market rates continue to fall.

European basic port tariff 3877 USD/TEU, down 375 USD per week, down 8.8%.

Mediterranean route: the price is 4222 USD/TEU, down 552 USD per week, down 11.6%.

The Persian Gulf route: the price of $ 1,481 / TEU, down $286 per week, down 16.2%.

Australia and New Zealand routes: the price of 2489 U.S. dollars / TEU, down 173 U.S. dollars a week, down 6.5%.

South America route: seven consecutive weeks of decline, the price of $ 7183 / TEU, down $ 798 per week, down 10.0%.

It is worth mentioning that the Shanghai export container tariff composite index shows that from the beginning of the year the high point of the tariff fell 17 weeks in a row, then rebounded 4 weeks, then fell again for 13 weeks in a row, in late July has fallen below the level of the same period last year. The market is falling, even intra-day decline can reach hundreds of dollars.