According to Japan International Freight Forwarders Association (JIFFA), Container freight rates out of Busan saw a broad decline this week, with the Korea Ocean Business Corp. (KOBC) reporting a 2.25% weekly drop in its KOBC Container Composite Index (KCCI), which now stands at 2,394 points.
Firstly, the most notable shifts came on transpacific lanes, where spot rates saw sharper corrections. The rate to the U.S. West Coast dropped 7.68% to US$2,500 per FEU, while the East Coast rate dipped 3.25% to US$4,769 per FEU.
In contrast, rates to Europe inched up slightly by 0.61% to US$3,285, while Mediterranean-bound containers fell 2.24% to US$3,925 per FEU.
Also, non-mainline routes showed a mixed picture. Freight to the west coast of Latin America held steady at US$2,800, while the Middle East route dipped 1.04% to US$2,662. On the upside, Australia saw a 3.12% increase to US$1,787, and the east coast of Latin America edged up 0.99% to US$6,325. Rates to West Africa rose 1.8% to US$4,691, and Southern Africa jumped 3.82% to US$3,695 per FEU.
Within Asia, the rates were more stable. Shipments to China remained unchanged at a symbolic US$50 per FEU. Southeast Asia saw a slight dip of 1.13% to US$1,053, and rates to Japan eased 0.44% to US$224 per FEU.
