News / No relief for carriers as spot rates resume downward spiral after Chinese new year holiday

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Container spot rates between Asia and Europe resumed their pre-Chinese New Year downward spiral this week, adding further fuel to the financial fires raging in many ocean carrier boardrooms.

After a week’s break, the Shanghai Containerised Freight Index (SCFI) components for North Europe and the Mediterranean slumped by $99 per teu and $110 per teu to $332 and $344, respectively.

According to container derivatives broker FIS, the latest decline for North European ports sees rates 67% below the corresponding period of 2015 and ...