Ocean freight rates continue to decline.

The world's four major container freight indices are still plunging, with Deloitte down 10% per week, FBX down 8% per week, SCFI down 10.4% per week, and NCFI down 13.3% per week.

The Shanghai Export Container Freight Index (SCFI) fell 240.61 points to 2072.04 points, down 10.40% in a week, down nearly 60% since a record high of 5109 points at the beginning of the year. Most major routes fell more than 10%.

The Far East to the U.S. West dropped 12.0% to $2,684 per FEU.

The Far East to U.S. East dropped 8.9 percent to $6,538/FEU.

The Far East to Europe was US$3,163/FEU, down 10.8%.

The Far East to Mediterranean freight rate decreased 14% to $3,249/TEU.

The Persian Gulf freight rate was US$998/TEU, down 19.8% from the previous period.

Australia and New Zealand route tariffs dropped 13.5% from the previous period.

The South America route freight rate is US$5479/TEU, down by 13.6% from the previous period.

Also, the Ningbo Export Container Freight Index (NCFI) fell 13.3% to 1529.2 points. Three route rate indices were up for 21 routes, and 18 were down for 21 routes.

The traditional shipping peak did not appear on European routes near the National Day holiday, but freight rates fell. Compared to last week, the tariff index of the European routes fell by 12.1%; the tariff index of the East route fell by 11.4%, and the tariff index of the West route fell by 14.3%.

With limited freight demand and fierce market competition, the U.S. East and West routes decline week-over-week. The U.S. East shipping rate index fell 9.2% over the past week; the U.S. West shipping rate index dropped 19.5% over the past week.

The Middle East shipping rate index is one-seventh lower than in January, as market conditions remain weak. Freight rates fell more than expected. The Middle East route index fell 26.7% from last week.

Furthermore, the following routes were subject to market volatility this week.

In the Red Sea routes, the freight demand gap is large, market price reductions to solicit goods mean a more aggressive approach, and route prices have decreased significantly. 39.0% lower than last week.

Now the maritime market is a market of ice and fire.

As China's exports of goods peak between July and September, container freight prices also rise.

However, the maritime market appeared to "ice and fire" this year because of the original high container freight prices, but in the recent successive declines and the ongoing downturn in crude oil transportation markets.

The supply chain company, Ltd.'s business manager in Zhejiang, said that the United States route is mighty; in September last year, Mason Express achieved the highest market price of 50,000 U.S. dollars, now over 10,000 dollars. India and Pakistan are also down. The Red Sea, the Middle East, and the Middle East are down.

Contrary to the trend of container freight, the Shanghai Shipping Exchange's China Import Crude Oil Tariff Index on September 23 was 1816.13, up 15.41 from the previous period. Compared to September last year, the Middle East-Ningbo trade for mega tankers increased by more than 15%.

Recently, container freight rates have declined due to the epidemic, China port closures, controls, inflation, terminal de-stocking, etc. In the case of stable supply, there is an oversupply of space, which results in weak spot freight rates and puts pressure on long-term freight rates.

The U.S. decision to raise interest rates to curb inflation will negatively impact the global container shipping market, leading many central banks to follow suit.

In the current round of energy, food-induced inflation, consumer purchasing power has been weakened, and container transport demand has also been reduced. Container ships mainly transport consumer goods.

Also, non-container transport food and fuel spending increased, which will crowd out clothing, furniture, electronics, and other traditional container transport commodities.

European and American freight lines are weak due to U.S. inflation, Europe, and the impact of the Russian-Ukrainian war.

The three major shipping alliances continue to control cabin class reductions to stabilize freight prices in October, and alliances have been formed to reduce half of the flights on the southwest coast of the United States.

The industry analysis indicates that, following the increase in interest rates in the United States, most Asian currencies fell sharply, with freight rates dropping dramatically, accelerating the rise of inflation in the United States and reducing class sizes drastically due to the shipping alliance. Freight rates are expected to stop falling or even rebound by the third week of October.