Container shippers have slashed rates on Asia-Europe routes to boost business during the annual drop-off in trade following Chinese New Year.
According to The Loadstar magazine, the Shanghai Containerized Freight Index and Korea Ocean Business Corporation’s Container Composite Index for Asia-Europe routes have shown a drop in prices of three per cent and four per cent, respectively.
It added that these figures could be early signs of “an emerging rate war”. The drops were initiated by Maersk, which reduced prices to under US$4,000 for a 40ft container for shipments in late January, and followed by MSC, which is now offering rates of US$3,840. Other carriers are expected to follow.
