Freight rates have fallen for 13 consecutive weeks! Shanghai's closure and control hit the global container shipping market
The closure and control of Shanghai continued to impact the container shipping market, coupled with the decline in demand in the United States, the SCFI index fell for 13 consecutive weeks. It is expected that the freight rate will remain weak in the second quarter. Even if Shanghai reopens and resumes work, it may be difficult to reverse the current decline in freight rates. On April 15, the Shanghai Shipping Exchange announced that the latest Shanghai Export Containerized Freight Index (SCFI) continued to drop 35.01 points from last week to 4228.65 points, or 0.8%, showing a 13-day losing streak, hitting a new low since August last year. Although it continued to fall, the Far East to US East route rose for two consecutive weeks after the previous week's rebound. Industry insiders said that since the labor-management negotiations for dock workers in the western United States are about to start in May, in order to avoid problems such as worker slack due to poor negotiations, many c...