News / Asia-Europe spot rates still under pressure as slack season looms

© Woraphon Banchobdi

The Shanghai Containerized Freight Index (SCFI) slumped a further 5% this week to a composite rate of $735.91 per teu as spot rates surprisingly came under pressure ahead of the Chinese Golden Week holiday.

The SCFI has been in steady decline in past weeks, falling some 16% since the end of July, despite reports of healthy peak season export load factors from China, and has slumped below the $780 composite index figure of a year ago.

Patrik Berglund, chief executive of ocean freight ...