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Ocean rates fall as lockdown stretches on decreasing demand

Author:   Posttime:2022-05-11

CHINA-WIDE freight volumes declined 15 per cent compared to last April as Chinese manufacturing fell to their lowest since early 2020, according to Freightos, reports the American Journal of Transportation.

As demand fell so did rates with Asia - US west coast rates falling 19 per cent to US$12,596/FEU - their lowest level since July - and Asia - north Europe rates decreasing three per cent to $10,565/FEU, their lowest point since June.
This was also partially driven by the elimination of many of the premiums that became common during peak capacity scarcity.
Asia-US west coast prices (FBX01 Daily) fell 19 per cent to $12,596/FEU. This rate is 104 per cent higher than the same time last year.
Asia-US east coast prices (FBX03 Daily) decreased seven per cent to $15,973/FEU, and are 144 per cent higher than rates for this week last year.

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