News / Carriers 'give away' fuel savings, pushing spot rates to largest ever weekly decline

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Spot rates for Asia-North Europe gauged by the Shanghai Containerized Freight Index plunged by 21% today to $934 per teu – falling back below the psychological $1,000 barrier even sooner than the most pessimistic of analysts had predicted.

According to container broker FIS, the “horrific” fall in spot rates represents the “largest ever weekly decline” on the tradelane.

It said: “This week’s declines (Asia-Med trades were also down, by $178 per teu) have again demonstrated that without comprehensive capacity management or an ...