The Shanghai Containerized Freight Index was not published today due to the Chinese New Year, but despite some buoyancy in the trans-Pacific market analysts are downbeat on the prospect of rate increases once the SCFI resumes publishing next Friday, Feb. 22.
Spot container rates out of Shanghai weakened marginally last week, continuing a pattern in which rates will show gains around the dates of a general rate increase only to erode in subsequent weeks. Last week’s erosion in the Shanghai Containerized Freight Index or SCFI is “in anticipation of low demand expected during the … upcoming Chinese New Year festivities,” ICAP said.
Container rates edged downward but overall were stable this week, showing that gains earlier in the month based on scheduled rate increases are holding, but tenuously.
Trans-Pacific spot rates ticked upward late this week in advance of a planned $600 per 40-foot container rate increase to West Coast ports (and $800 to other destinations) set to take effect on Jan. 15.