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East-West Freight Rates Remain Low after Chinese New Year

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After three consecutive months of price rises, freight rates on the East-West trades declined in February, according to Drewry’s online Container Freight Rate Insight.
Rates came under most pressure on the Asia-Europe shipping route, which weakened following a meteoric rise in the run-up to the Chinese New Year.

The Westbound Freight Rate Index dropped 12% in February to $2,992 per 40ft container, while weekly data from the World Container Index assessed by Drewry indicates that the pricing erosion has continued into March.
Spot rates on the transpacific shed some gains as well with Drewry’s Transpacific Eastbound Freight Rate Index easing 3% over January to $2,669 per 40ft unit.