According to Japan International Freight Forwarders Association (JIFFA), the Korea Ocean Business Corp. (KOBC) reported Monday that its KOBC Container Composite Index (KCCI) slipped 3.67% week-on-week to 1,993 points. The decline came as spot rates for container exports out of Busan continued to weaken on major lanes to Europe, the U.S., and Latin America’s east coast.
Rates to the U.S. West Coast fell 6.16% to US$1,904 per FEU, while shipments to the U.S. East Coast dropped 7.01% to US$2,996 per FEU. Europe-bound rates decreased 5.13% to US$3,110 per FEU, and Mediterranean lanes slid 5.2% to US$3,120 per FEU.
Non-main routes showed mixed results. Rates to Latin America’s west coast climbed 5.42% to US$2,995 per FEU, Southern Africa rose 2.78% to US$3,958 per FEU, and Australia added 2.92% to US$2,256 per FEU. In contrast, the Middle East slipped 0.37% to US$2,446 per FEU, Latin America’s east coast plunged 8.2% to US$4,937 per FEU, and West Africa dropped 2.62% to US$4,491 per FEU.
In intra-Asia trades, rates to Japan edged up 0.45% to US$221 per FEU, stayed flat at US$50 per FEU to China, and fell 1.63% to US$963 per FEU to Southeast Asia.
