News / Dismay for container lines as rates continue to plummet, and next GRIs may not hold

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Utilisation levels on containerships loading between China and Europe are reported to have slumped to 80-85%, causing spot rates to fall steeply again this week.

The Shanghai Containerized Freight Index (SCFI) was once more a sea of red ink as spot rates to North Europe fell a further $114 to just $295 per teu, and for Mediterranean destinations by $91 to $315.

This 28% dive in freight rates to North Europe this week virtually wiped out the last vestiges of this month’s ...