The Shanghai Containerized Freight Index comprehensive reading for Sept. 28 was down 1 percent or $13.20 from the week before, to $1,247.34 per 40-foot-equivalent unit container, the Shanghai Shipping Exchange reported.
The SCFI base port average spot rate to U.S. East Coast ports fell $55 or 1.5 percent from the previous week, to $3,677 per FEU.
In contrast, the base port average rate to U.S. West Coast ports inched up $3 or 0.1 percent, to $2,730.
The base rate to West Coast ports has been increasing every week during September, JOC Senior Editor Peter T. Leach said, while the rate to East Coast ports has declined because of the shift of cargoes to the West Coast as shippers feared possible labor disruptions on the East Coast.
The shift was fueled by the stalemate in negotiations between the International Longshoremen’s Association and United States Maritime Alliance over a new contract at East and Gulf Coast ports to replace the contract that was due to expire on Sept. 30. Fears of any immediate labor disruption were allayed when the parties agreed on Sept. 20 to extend negotiations for another 90 days.
The SCFI base average spot rate for Europe ports declined for the ninth consecutive week, down $14 or 1.2 percent from the week before, to $1,158.per FEU.
Base spot rates for the Mediterranean trended down for the 13th week, declining $16 or 1.3 percent to $1,204 per FEU.
The Shanghai Shipping Exchange produces the SCFI comprehensive index weekly, based on 15 component trade lanes.