The Golden Week holidays in China provided little respite for the sliding freight and charter rates. There was no SCFI publication last week due to the Chinese holidays but SCFIS (SCFI on Settled Rates), another index also from Shanghai Shipping Exchange, was published yesterday (10 Oct) where the SCFIS for Shanghai-USWC has fallen to level last seen in May 2020: 1,384, down 11% from the last print on 26 Sep. The SCFIS for Shanghai-Northern Europe was 3,434, fell 13% since 26 Sep but still a mul
The SCFI assessment of $3,050/feu to the US West Coast remains higher than latest market rates offered by carriers that have already dropped below $2,500/feu and will soon breach the $2,000/feu level, ensuring further SCFI downward revisions in the coming weeks. USWC rates have collapsed completely, and contract rates have also been annihilated with various carriers already agreeing to revise full year contract rates to match the current spot market rates in order to protect their volume share