News / Transpacific BCOs 'sitting on their hands' as spot rates tumble

ID 114655125 © Oana Ungureanu | Dreamstime.com

There was another significant fall in transpacific container spot rates, as recorded on Friday by the Shanghai Containerized Freight Index (SCFI), just as the new contract season negotiations kicked off.

The US west coast component of the SCFI fell 7.6% to $1,431 per 40ft, while spot rates for US east coast ports fell 6.1% to $2,479 per 40ft.

Since November, spot rates on the transpacific tradelane have fallen by 48% for the US west coast and by 35% for US east coast ...