Container shipping rates continued to fall in October due to declining demand. The Shanghai (Export) Containerized Freight Index (SCFI) has fallen for 17 consecutive weeks. Shipping companies have started to discontinue services or cancel voyages.
Athough container shipping prices dropped overall since the beginning of 2022, they began a continuous slide in July, and the decline accelerated into September. On Sept. 23, the SCFI, released by the Shanghai Shipping Exchange, fell to 2,072.04 points, down 10.4 percent week-on-week and about 60 percent from early 2022.
