News / Spot rates still tumbling, with worse to come if carriers return to Suez

ID 103639077 | Ship © Paulus Rusyanto | Dreamstime.com

The downward spiral of container spot freight pricing accelerated this week, as China begins its lunar new year celebrations this weekend to see in the Year of the Snake.

This week’s World Container Index (WCI) from Drewry saw the transpacific spot rate on its Shanghai-Los Angeles leg lose 8% week on week, to finish at $4,.813 per 40ft, while the Shanghai-New York route lost 7%, to end at $6,377 per 40ft.

Similarly, Xeneta’s XSI transpacific index fell 3%, to $5,162 per 40ft.

But ...