Normal seasonal lull for box shipping or has cyclical downturn begun?
- SCFI composite spot index falls to lowest level since December 2023
- Shanghai-US west coast and Shanghai-US east coast indexes plunge 18% week on week
- Rates in the current slow season are much weaker than in 2024, with SCFI east-west indexes down 24%-38% year on year
The Red Sea crisis saved container lines from overcapacity in 2024, but relentless newbuilding deliveries may overtake demand in 2025. The current slide in spot rates could be typical post-Lunar New Year weakness, or it could be the beginning of a bigger problem
