Rates to North Europe and Med have both dropped below $3,000/feu on the SCFI’s FEU assessment, with the pace of rate reductions accelerating as it becomes clear that the peak season is over.
The extension of the US tariff pause on China has also reduced the pressure to shift part of the Chinese exports to Europe, which would have a negative detrimental impact on the European rates.
The 90 day extension of the US tariffs on Chinese imports until 10 November has provided little relief to the fla