Global container shipping rates fell sharply last week, surrendering most of the gains from a brief January rally as carriers struggled to maintain pricing power amid weak demand and ongoing geopolitical volatility.
The Drewry World Container Index dropped 4% to $2,445 per 40-foot container, driven primarily by declines on key Transpacific and Asia-Europe trade lanes. The retreat marks a significant reversal from the previous week, when the index had surged 16% to $2,557.
Transpacific routes bore the brunt of the correction. Spot rates from Shanghai to New York fell 10% to $3,568 per container, while Shanghai to Los Angeles declined 7% to $2,909. The weakness came despite the looming Chinese New Year factory shutdowns in mid-February, which typically drive rate increases as shippers rush to move cargo ahead of the holiday.
Read more in an article from gCaptain.