Intra-Asia shipping rates still on the decline as CNY looms

Spot rates continue their downward trajectory

Ocean rates are still on a downward trajectory although the sharp decline from last week has levelled out as the February 17 start of the Chinese N…

Intra-Asia shipping rates still on the decline as CNY looms

Intra-Asia rates continue to fall, as Chinese steel export restrictions and a slowdown in manufacturing contribute to falling volumes, heading into Chinese New Year this month. Drewry’s Intra-Asia Container Index showed rates averaged $596 (excluding terminal handling charges) per 40ft on 30 January, a 10% decline from a fortnight ago. The Shanghai-Jawaharlal Nehru route recorded the steepest drop, falling 24% to $883 per 40ft, followed by Busan…