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With freight rates in free-fall shippers are busy renegotiating their contracts with containerlines, who are facing up to the reality that the liner party is fizzling out.

The Shanghai Containerised Freight Index (SCFI) spot box freight rate index stood at 2,848 points on Friday, down 10% week-on-week but remain still more than three times the 2019 average. Rates on the Shanghai-US west coast route fell by more than 20% week-on-week to $3,959 per feu. Overall, last week’s SCFI performance was the worst weekly drop since 2016.

FBX futures indicate China to US west coast rates are close to $3,000 per feu for November including the bunker adjustment factor and are at $2,500 for Q1 next year.

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