Spot rates for shipping containers from Shanghai to Europe have dropped below $1,000 per twenty-foot unit for the first time since March 2009 due to low volumes and fierce competition, shipping body BIMCO said last Friday.
"The spot rate has been sliding since mid-2010, paused only by a short breather around the turn of the year," Copenhagen-based shipping association BIMCO said.
After another weekly drop in freight rates on this main trading lane, boxes are being shipped at $992 per teu, $27 per teu lower than last week, BIMCO said in a statement.
"Low volumes have triggered fierce competition on main trading lanes including Shanghai-Europe. Rate cuts are ongoing as liner companies struggle to fill their vessels," BIMCO analyst Peter Sand said in the statement.
"The spot rate has been sliding since mid-2010, paused only by a short breather around the turn of the year," Copenhagen-based shipping association BIMCO said.
After another weekly drop in freight rates on this main trading lane, boxes are being shipped at $992 per teu, $27 per teu lower than last week, BIMCO said in a statement.
"Low volumes have triggered fierce competition on main trading lanes including Shanghai-Europe. Rate cuts are ongoing as liner companies struggle to fill their vessels," BIMCO analyst Peter Sand said in the statement.