The recent plunge in the spot freight rates of popular routes has revealed a feeling that the shipping industry has put a seasonal peak to the end.
China Containerized Freight Index (CCFI) is designed to reflect the current spot and contractual freight rates. And on July 8th, the data stood at 3232.18, showing a drop of 1.2% from the previous week. The freight prices of the busiest shipping routes have all endured a decline.
The recent plunge in the spot freight rates of popular routes has revealed a feeling that the shipping industry has put a seasonal peak to the end. To boil it down, the reason behind it is the reduced number of year-on-year exporting orders and the recovery of the supply of container shipping.
According to the data from Shanghai Shipping Exchange, freight rates of European routes decreased by 2% compared with the previous week. Since this Feb, it has registered a decline of 14% in cumulative terms. And that's 2.5% for the US West Route, and 1.7% for the US East Route.
Confronted with the dip in sea freight rates, three major shipping alliances, namely 2M, the Ocean Alliance, and THE, will take actions to reduce the efficiency of freight power in order to maintain the stability of ocean freight prices. Changes in the supply chain can be held in grips by adjusting the supply of shipping routes.
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