As Japan International Freight Forwarders Association (JIFFA) reported, Busan’s container export spot rates took a hit last week, pulling the KOBC Container Composite Index (KCCI) down by 3.09% to 2,131 points, Korea Ocean Business Corp. confirmed on Monday.
Rates to the U.S., Europe, and other key markets were mostly lower. The West Coast of the U.S. saw a 1.69% dip to US$2,090 per FEU. East Coast rates slid 6.57% to US$3,412, while Europe-bound shipments dropped 1.9% to US$3,349 per FEU. Mediterranean trades also softened, down 4.53% to US$3,392.
Some niche routes showed strength. Exports from Busan to Australia jumped nearly 10% to US$2,108 per FEU. Rates to the west coast of Latin America rose 4.8% to US$2,772, and Southern Africa saw a 3.44% bump to US$3,822.
Other routes weren’t as lucky. Shipments to the Middle East fell 4.98% to US$2,482, while the east coast of Latin America plunged nearly 11% to US$5,245. West Africa also edged down 1.06% to US$4,668.
Intra-Asia trades were mixed. Rates to South Korea gained 2% to US$51 per FEU, but Southeast Asia and Japan dropped 3.96% and 6.25%, respectively.
