News / Shadow of recession adds to carrier woes as rates fall after Chinese holiday

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As anticipated, container spot rates softened across the major deepsea trades following the Chinese New Year factory holiday.

The Shanghai Containerized Freight Index (SCFI) this week recorded spot rates from Asia to North Europe down 5.6%, to $906 per teu, as carriers scrambled to fill their ships following the break.

But the rate erosion could have been much worse without the 2M’s last-minute decision to blank the sailing of the 19,437 teu MSC Eloane on Maersk Line and MSC’s AE10/Swan loop this ...