Transpacific freight rates have seen a correction following a consistent rise over three months, influenced by the introduction of additional capacity. The Shanghai Containerised Freight Index (SCFI) reported a decrease in the Shanghai-US West Coast rate to US$7,645/FEU, a reduction of US$458. Concurrently, the rate for the Shanghai-US East Coast experienced a lesser decline to US$9,881/FEU.
According to Clarksons' latest report, the SCFI spot container freight rate index fell 2% to 3,675 points, marking the first decrease since late March. This shift was attributed to the extra capacity on the Transpacific route, which allowed rates to soften, while rates from the Far East to Europe continued to see modest increases.
In response to the elevated freight rates, operators have been redirecting vessels to the Transpacific route. ZIM Line introduced its Central China Xpress (ZX2) service, linking Shanghai, Ningbo, and Los Angeles with five 4,200 TEU vessels.
Source: container-news.com