Ocean Freight Rates Plummet Amid China Chaos
Container freight rates on the trans-Pacific took another hit this week as acrimonious negotiations between China and the United States turned into a full-blown trade war.
Prices on the benchmark Asia-U.S West Coast route fell 8% to $1,431 per forty foot equivalent unit for the week ending Oct. 10, according to the Freightos. Baltic Index. Asia-U.S East Coast rates also declined 8%, to $3,015 per FEU.
The weakening market came in the lead-up to new U.S. port fees on Chinese ships taking effect Oct. 14...
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