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The latest Shanghai Containerized Freight Index (SCFI) reveals a sixth consecutive week of declining freight rates, with significant drops across all major trade lanes, particularly on U.S. routes.

• Far East to U.S. West Coast: Rates fell by 637perFEUto637perFEUto2,907, a weekly drop of 17.97%.

• Far East to U.S. East Coast: Rates dropped by 871perFEUto871perFEUto3,954, down 18.05% week-on-week.

• Far East to Europe: Rates decreased by 30perTEUto30perTEUto1,578, a 1.87% weekly decline.

• Far East to Mediterranean: Rates fell by 191perTEUto191perTEUto2,624, down 6.79%.

  
  

On intra-Asia routes, rates remained stable for Japan Kansai (305/TEU)andJapanKanto(305/TEU)andJapanKanto(308/TEU), while Southeast Asia rates dropped by 17to17to440/TEU. Korea rates held steady at $137/TEU.

Carriers Adjust Early March Rates
Industry experts note that full production resumption in China may not occur until mid- or late March, which will be critical for freight rate trends. Currently, Europe routes are experiencing "rate inversion," with spot market rates at 2,200–2,200–2,600/FEU, compared to contract rates of 2,500–2,500–3,200/FEU.

In response, carriers like Maersk, CMA CGM, HMM, and Wan Hai announced rate increases of 5%–15% for Asia-Europe, Trans-Pacific, and intra-Asia routes in mid-February. However, Maersk later reduced its Week 10 (March 3–9) Europe rate to 3,200/FEU.MSCmaintaineditslateFebruaryrateof3,200/FEU.MSCmaintaineditslateFebruaryrateof2,290/FEU until March 2, then adjusted it to $3,940/FEU starting March 3.

Yang Ming’s FP2 service currently offers the lowest FAK rate at 2,800/FEU,withotherroutesat2,800/FEU,withotherroutesat3,000/FEU. Despite these adjustments, carriers’ efforts to stabilize rates have had mixed results.

Mixed Results from Rate Hike Efforts
On February 24, logistics platform YunQuNa reported that some carriers reduced sailings and announced early rate hikes to support Europe route rates. However, March is traditionally a low season for Europe routes, and post-holiday cargo volumes remain unstable. Additionally, most carriers have yet to resume Red Sea services, limiting market acceptance of higher rates.

Further Rate Hikes Expected
Lei Yue, head of shipping research at Haitong Futures, predicts a normal rate hike cycle in April, May, and June. Even if carriers cannot fully implement the announced increases, these moves allow them to nominally raise rates, creating room for future adjustments and achieving gradual price increases.

Latest SCFI Rates:

• Shanghai to Europe: 1,578/TEU,down1,578/TEU,down30 (1.86% weekly drop).

• Shanghai to Mediterranean: 2,624/TEU,down2,624/TEU,down191 (6.78% weekly drop).

• Shanghai to U.S. West Coast: 2,907/FEU,down2,907/FEU,down637 (17.97% weekly drop).

• Shanghai to U.S. East Coast: 3,954/FEU,down3,954/FEU,down871 (18.05% weekly drop).

• Persian Gulf: 1,102/TEU,down1,102/TEU,down42 (3.7% weekly drop).

• South America (Santos): 2,947–2,947–3,359/TEU, down $412 (12.3% weekly drop).

• Southeast Asia (Singapore): 440/TEU,down440/TEU,down17 (3.7% weekly drop).