Container spot market stages recovery after 10-week slump

Following 10 weeks of weekly declines, boxships have finally seen a market upturn, with spot freight rates possibly finding their bottom.

The Shanghai Containerized Freight Index increased by 5% week-over-week to settle at 1,357, according to Clarksons Securities, with gains widespread across the sub-indices, it added.

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“The reversal comes on firmer rates on the Transpacific trades and relative stability on the Asia-Europe route,” Jefferies also noted adding: “Today’s move reflects some modest gains from operators combating softer demand trends by increasing blank sailings and re-routing capacity onto the Transatlantic trade.”