Global container shipping markets continue to face turbulence, with spot freight rates on major east-west trades registering further declines this week, even as carriers prepare to push through fresh General Rate Increases (GRIs) and FAK (Freight All Kinds) hikes.
With China’s Golden Week holiday suspending publication of the Shanghai Containerised Freight Index (SCFI), Drewry’s World Container Index (WCI) revealed steep drops across Asia-Europe and transpacific routes.
On the Asia-Europe trade, the WCI’s Shanghai–Rotterdam leg fell 7% to $1,613 per 40ft, while Shanghai–Genoa slid 9% to $1,804 per 40ft. These levels are now 58% and 53% lower, respectively, compared with a year ago.
In response, carriers are moving to enforce new FAK levels effective 15 October. Hapag-Lloyd has announced rates of $1,200 per 20ft and $2,000 per 40ft on Far East–North Europe, and between $2,150–$2,700 on the Far East–Mediterranean trade. MSC has followed with similar levels, quoting $1,320 per 20ft and $2,200 per 40ft to North Europe and $2,300–$2,700 to the West Mediterranean.
However, forwarders report muted demand and limited success from carriers’ capacity management efforts. “We have seen most carriers pitch second-half October levels around $2,000 per 40ft, but some are already discounting. Demand is still low, and capacity cuts are not enough to hold rates,” one shipper told The Loadstar.
On the transpacific, spot rates also softened:
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Shanghai–Los Angeles fell 5% to $2,196 per 40ft
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Shanghai–New York dipped 3% to $3,200 per 40ft
Analysts at Xeneta described September as a “volatile month,” with early-month spikes erased by late declines. “Average spot rates are now below end-August levels,” said chief analyst Peter Sand, warning of geopolitical risks following Beijing’s recent decision to impose retaliatory port fees on US shipping.
“The lights are still flashing red on the geopolitical dashboard,” he cautioned. “It would be foolish for shippers to believe there is no potential for more pain as we look ahead to 2026.”
Even the transatlantic trade, typically more stable, is showing cracks. The WCI’s Rotterdam–New York headhaul slipped 1% to $1,796 per 40ft this week, marking a 21-month low. Spot rates on North Europe–US East Coast are now at their weakest since late 2023, down more than 10% from August.
In a sign of worsening conditions, Hapag-Lloyd confirmed it will discontinue its Caribbean Express (CES) service early next year, citing “unsustainable market conditions.” The loop connects Europe with the Caribbean but also includes US East Coast calls at Philadelphia and Port Everglades.
