The Shanghai Containerized Freight Index (SCFI), which measures spot prices on container freight from Shanghai to a range of destinations the world over, declined this week by 3.7% to 3,429.83.

It’s the tenth week in a row with a setback in the SCFI, which has declined by 21% compared to the same time last year.

Throughout last year, freight rates were heavily boosted by massive demand following the Covid crisis’ first lockdowns as well as supply issues with various causes, and this development continued into the first week of January, when the SCFI once again set a record at 5,109.6.

Since then, however, the index has fallen dramatically, with some increases here and there along the way. The most recent figure is the lowest since May last year.

Danish liner company Maersk has much of its container freight locked into long-term contracts with higher rates, and even though spot prices are currently dropping drastically, the company doesn’t expect its fixed-contract customers to seek renegotiations of their deals before schedule, CEO Søren Skou said at a press meeting last week.

English edit: Jonas Sahl Hollænder

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