The rise in the SCFI rates to the US West Coast masks rapidly deteriorating
conditions on the route, with utilization levels falling to 81%. The “Express”
services have performed poorly including the Zim e-Commerce Express (ZEX) that
was only half full on its first 2 sailings following its relaunch in November.
Rates to the East Coast are performing better despite a similar drop in capacity
utilization, with carriers able to secure premiums due to the Panama congestion
even with transit times