News / Container spot rates in retreat as 'gung-ho' carriers jockey for market share

© Wiktor Wojtas

The Shanghai Containerized Freight Index (SCFI) lost a cumulative 2.8% this week as container spot rates on the transpacific and Asia-South America trades went into retreat.

The SCFI’s comprehensive index is 7.2% below the level of a year ago, despite bunker costs currently at around 40% higher, evidencing the gung-ho strategy of ocean carriers which have opted for a market share grab rather than obtain sufficient compensation for the steadily rising cost of fuel.

But perhaps of more concern for the container ...