Shanghai Spot Rate Falls to 10-Month Low

Shanghai Spot Rate Falls to 10-Month Low

The Shanghai Containerized Freight Index spot rate for shipments to the U.S. West Coast fell below $2,000 per 40-foot container for the first time in 10 months in the most recent week, falling 3.5 percent from the week before.

The drop to $1,977 per FEU in the week ending Nov. 26 marked the 13th straight week to week decline in the measure as freight rates in the eastbound Pacific slid toward the winter’s slack shipping season.

By The Numbers: New Shanghai Containerized Freight Index.

Although the rate index was still 38 percent higher than the same week a year ago, it’s fallen 30 percent from the 2010 high set in July during what shippers and carriers said was an early start to the peak season.

The last time the index listed a rate below $2,000 was the week of Jan. 29, 2010.

The index peaked on July 12 at $2,833 and then began a gradual descent week by week. The Nov. 26 rate, for example, was down $71 per FEU, or 3.5 percent, from the previous week.

-- Contact Bill Mongelluzzo at bmongelluzzo@joc.com.