The Shanghai Containerized Freight Index fell to its lowest level since the start of the year in the week ending Dec. 17, slipping 1.4 percent amid ongoing pricing weakness in a range of global markets.
The index of container shipping out of Shanghai fell to $1,086 per 40-foot equivalent, down 30 percent from the highpoint in mid-summer and the lowest level for the index since it measured at $1,073 the week of Jan. 1, 2010.
By The Numbers: New Shanghai Containerized Freight Index.
The latest report from the Shanghai Shipping Exchange showed rates falling across all major lanes with diminishing late-season demand for Asia exports.
The Asia-Europe lane, where carriers reportedly have been fighting over market share lately, was the most stable, with the rate index inching downward only $4, or 0.3 percent.
The index for shipments from Shanghai to the U.S. West Coast fell 1.3 percent to $1,832, the 16th straight decline in that trade lane. The SSE’s measure of trade to the U.S. East Coast fell 1.4 percent to $3,038 per FEU.