The Shanghai Container Freight Index for Nov. 4 fell 1.4 percent from the week before to a record low, as the Asia-Europe index dropped by 5.5 percent from the prior week.
The Shanghai Container Freight Index fell to 919.44 from its reading of 932.62 the week before, and the Asia-Europe index dropped to 613. The declines came after Trans-Pacific spot rates rebounded this week off their 22-month low of last week, as measured by Drewry Shipping Consultants weekly benchmark.
Rates on all the major trade lanes except the trans-Pacific continued to decline this week “as overcapacity in the market continues to have an overriding effect,” the Shanghai Shipping Exchange said.
By the Numbers: Shanghai Containerized Freight Index
Shanghai export average spot rates for the following trade lanes are among the 15 component trade lanes in the weekly SCFI-Containerized Freight Index, produced by the Shanghai Shipping Exchange and weigh 57.5 percent of the SCFI comprehensive reading.
The index of rates from Shanghai to the U.S. West Coast increased by 0.4 percent to 1500. But the rate index from Shanghai to the U.S. east Coast dropped 2.6 percent to 2794.
The index for rates from Shanghai to the Mediterranean were down by 5.8 percent to 863