News / Carriers eye March GRIs as Asia-Europe rates drop 13% after Chinese New Year

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Following the end of the China’s new year holiday and against a backdrop of soft forward demand, spot freight rates between Asia and North Europe nosedived by 13% this week.

They hit $816 per teu as carriers appeared to restart a rate war to fill their ultra-large container vessels (ULCVs).

The Shanghai Containerized Freight Index (SCFI) recorded a full house of spot rate declines, with Asia to the Mediterranean plunging $139 to $1,134 per teu, Asia-US west coast down $88 per feu ...