Global ocean freight rates from Asia have continued their downward spiral over the last seven days. 

The Shanghai Containerised Freight Index’s (SCFI) overall index, which covers 15 destinations from Shanghai, slumped 32.26 points last week to hit 1,157.45, compared with 1,189.71 the previous week. 

Rates on services from Shanghai to Europe reached another new low for the year, hitting US$1,400 per teu at the end of last week, compared with $1,453 per teu the week before. 

While rates on services to the Mediterranean fell $41, to reach $1,339 per teu at the end of last week.
Analysts at the Shanghai Shipping Exchange (SSE) estimated that vessels on Asia to Europe services were sailing at around 85-90% full. 

It expected rates on slow-steaming services to face a continuing downturn, but it said fast-steaming services could see rates increase as shippers look to get goods into Europe in time for the end-of-year rush. 

Meanwhile rates on services to the US west coast dipped $71 to reach $1,977 per feu last week, and rates to the east coast dropped $90 to hit $3,172 per feu. 

The SSE said vessel utilisation on west coast services had fallen to around 80%, while vessels heading to the east coast were sailing at around 70-75% full. 

Last week, rates from Shanghai to South America (Santos) fell by the largest amount on the trade lanes monitored by the SCFI, dropping $92 to reach $1,738 per teu.

International Freighting Weekly