Freight rates remain under pressure with the SCFI falling to a 12 month low. The
Transpacific rates continue to soften with spot rates to the US West Coast
expected to breach the $6,000/teu level within the next few weeks while rates
from Asia to North Europe has dropped below the $9,000/feu level.
Demand has failed to pick up with the summer peak season demand turning out to
be much weaker than expected. Although port congestion is creeping up in Europe
and North America, overall capacity dep