The long-awaited stoppage of shipping companies did not save the weak freight market. On the contrary, the sea freight of major routes is still declining!

In the past half a month, the iconic route of the global shipping market – Asia to the West Coast of the United States – sea freight has fallen below the four major barriers of 2000, 1900, 1800, 1700 and 1600!

This week, the freight rate of the United States and the West has fallen to $ 1,500

According to the data provided by Drewry’s latest global shipping market report, the World Containerized Freight Index (WCI) has fallen for 35 consecutive weeks.

According to the latest data from the Shanghai Shipping Exchange: China’s export container shipping market continues to adjust its trend, the overall performance of transportation demand is not good, and most ocean shipping market freight rates continue to decline, dragging down the composite index.

Among them, on October 28, the freight rate between China and the United States, which is one of the weather vanes in the shipping market, fell below $2,000/FEU across the board.

According to data released by research institute Markit, the initial value of the U.S. Markit manufacturing PMI in October was 49.9, a new low since June 2020 and lower than market expectations. Last week, the performance of the transportation market was not satisfactory, the growth of transportation demand was weak, the relationship between supply and demand weakened, and the market freight rate continued to decline.

Shipping companies are pinning their hopes on the Chinese New Year, looking forward to the arrival of the Chinese Lunar New Year (January 22) in 2023 to boost demand in late November and December and save the falling ocean freight market!