SIMIC

AS container spot rates continue to drop, long-term contract levels are getting wider, reports UK's Seatrade Maritime News.
The Asia-Europe trade continued to lead the downward trajectory with Shanghai to Rotterdam spot rates recently losing another 14 per cent to sit at US$1,686 per FEU.
Drewry's World Container Index (WCI) dropped a further six per cent to sit at $2,139 per FEU and is now 79 per cent below the peak of $10,377 reached in September 2021.
The Shanghai Containerized Freight Index (SCFI) saw a slower rate of decline at 2.84 per cent to sit at 1,138 points.
The plunge in spot rates has seen long-term rates formerly at a discount now being a huge premium.
"The difference between short- and long-term agreements here is unprecedented," said Xeneta chief analyst Peter Sand.
"This is currently the largest divide, with long-term rates now $5,030 per FEU more expensive than spot rates. That's a 237 per cent premium. If you go back to January, the shoe was on the other foot, with the spot rates sitting $4,900 per FEU higher."
"This is one of only two of the major trades out of the Far East, together with the South American East Coast route, where new long-term rates are less than double the average spot rate in early December. This is a stark indication to shippers of exactly where the value lies in the market as we head into the New Year. The short game, it seems, is the one to play right now," said Mr Sand.