SCFI rates to North Europe dropped by 4.8% last week reflecting carriers rate actions over the last 2 weeks as market rates dropped to $1,600-$1,800/feu.
The additional capacity shifted from the US routes has not helped the market, with volumes negatively affected by the Labour Day holidays in most parts of Asia.
Port congestion across North Europe remains critical especially in Antwerp where a nationwide strike has halted port operations last week, with delays also impacting ports downstream.