Container Spot Rates Slip as Lunar New Year Lull Kicks In

By Gavin van Marle (The Loadstar) –

Despite the muted trading activity since China’s new year holiday began this week, spot rates on most major east-west ocean trades continued to show slight declines.

As a result of the two-week public holiday in China, the Shanghai Containerised Freight Index (SCFI) has suspended publication until people return to work.

Nonetheless, as in recent weeks, Drewry’s World Container Index (WCI) saw the steepest falls on its Asia-Europe routes. The WCI’s Shanghai-Rotterdam leg declined 5% week on week, to end at $3,274 per 40ft, while the Shanghai-Genoa leg declined 4% week on week, to finish at $4,400 per 40ft.

Earlier in the week, Xeneta’s XSI Far East-North Europe route saw its spot rate decline 8.5%, to $3,713 per 40ft.

Declines were also seen on the transpacific routes, notwithstanding the overhan…