Spot freight rates on the world’s busiest trade route have halved since the start of the year after falling 26 percent to $545…

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Spot freight rates on the world’s busiest trade route have halved since the start of the year after falling 26 percent to $545 per 20-foot container (TEU) this week—a level not considered to be commercially viable for most vessels.

Container rates usuaally rise ahead of the Chinese New Year, which this year begins on Feb. 8, as companies try to ship goods to Europe before factories close and millions of workers travel home to celebrate for at least a week.

Last year, considered to be a bad one for shipping, average freight rates were $1,098 per TEU ahead of the Chinese New Year and $1,659 per TEU the year before. Rates this year for Asia to Europe have averaged $739.

–Container shipping rates drop, Chinese New Year gives no relief (viaiamdanw)