Chinese container rates drop as Lunar New Year cargo rush fails

The bad news for liner operators appears to have no end, according to the latest update from BIMCO. "In a normal year, the weeks leading up to the Chinese New Year (CNY) bring an increase in volumes and freight rates. So far, however, the lead-up to CNY in 2023 has been the worst in 13 years. Spot rates for containers loading in Shanghai will normally be 12 percent higher just before CNY than 10 weeks earlier. Similarly, average rates for all containers loading in China will normally end 4 percent higher. This year, both spot and average rates, however, continue to fall."