The Shanghai Shipping Exchange’s Shanghai Containerized Freight Index (SCFI) declined 4.0% to a reading of 726.23 last Friday, May 17, as the short demand prompted shipping lines to move ahead on rate cuttings in most of the trade routes.
Spot rates from Shanghai to Europe fell 5.9% to $723 per TEU while the SCFI from Shanghai to the Mediterranean dipped by 4.1% to $696 per TEU.
Meanwhile, the spot rates on the transpacific trades lost ground last week as well, due to the U.S.’s tariff increases...