News / Analysts warn box lines to withdraw capacity as spot rates sink

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Container spot freight rates took another pummelling this week with a raft of double-digit week-on-week declines seen on some of the major trades.

According to the Freightos Baltic Index (FBX), the transpacific eastbound Asia-US west coast trade dropped 10% to $4,314 per 40ft today, some 80% lower than the same point last year, although FBX lead analyst Judah Levine noted that the shift of US import volumes from west to east coast ports was propping up the spot rates for boxes ...