Spot rates for 40-foot boxes on primary trade lanes are continuing to plummet, despite best efforts by ocean carriers to buoy rates through artificial allocation constraints.
Although scheduled blank sailings have secured some gains for the liner trade, spot rates for FEUs between Asia and Northern Europe have declined sharply.
According to the latest data by the World Container Index (WCI), compiled by maritime research consultancy Drewry, figures on the Asia-North Europe component reflect a 10% loss.
It brought the latest price for a 40ft box down to $1 965, half of where the rate was at the end of October.
If rates continue to plunge at the current rate, it is expected that shipping an FEU between Asia and Northern Europe will be less than $750 by Christmas.
Out of London it has been reported that some forwarders are trying to push volume by offering $1 000 per FEU for quick shipments from Asia to European destinations out west.
