Middle East ceasefire and Lunar New Year will see ocean container freight rates fall further in February - with carriers now taking action to slow the market decline.Latest data from Xeneta –
Middle East ceasefire and Lunar New Year will see ocean container freight rates fall further in February - with carriers now taking action to slow the market decline.
Latest data from Xeneta – an ocean and air freight intelligence platform – shows average spot rates from the Far East stand at USD 3 795 per FEU (40ft container) into North Europe and USD 5 085 per FEU into the Mediterranean – down 22% and 13% respectively since 1 January.
Early data suggests spot rates will fall further on 1 February, down 5-10% on both trades.
From the Far East to US East Coast, average spot rates decreased 7% during January to stand at USD 6 417 per FEU. Into the US West Coast, spot rates are USD 5 021 per FEU, down 14% in the same period.
Spot rates on both US-bound trades flattened in the second half of January following a sharp early month decline. Heading into February, spot rates could fall further, particularly into the US West Coast, while the US East Coast holds a little firmer.
Peter Sand, Xeneta Chief Analyst, said: “Ceasefire in the Middle East does not suddenly mean there is now safe passage through
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