Spot freight rates on every major container lane continued to tumble last week as demand remained flat, while a possible short-term pre-Golden Week upsurge has so far failed to materialize.
Golden Week begins on October 1 and the week-long public holiday sees work stop across China – in previous years there has often been a spike in demand over the fortnight before it begins.
However, it would appear shippers have more pressing issues, particularly the growing probability of a strike on the U.S. east and Gulf coasts, which would explain last week’s dramatic collapse in Asia-North America east coast spot rates as their window to get import cargo into the east coast before October 1 has now disappeared.
Read more in an article from The Loadstar.