Although Far Eastern shipping lines tried to implement rate rises on 1 August, an analysis of spot rates showed that this attempt has failed.
The Shanghai Containerised Freight Index (SCFI), an index of port-to-port spot rates for cargo departing China on the world’s biggest trade routes, showed a small increase in mid August, but this was driven completely by a huge jump (US$453 per teu) in rates from China to the Persian Gulf.
Prices on every other major trade route fell, especially the headline European and US tradelanes.
Rates from China to Europe dropped $107 per teu and by $61 to the Mediterranean while US West Coast rates dropped by $99 per feu and US East Coast freight rates by $152 per feu.