The latest Platts Americas Container Freight Commentary, released by S&P Global, indicates that ex-Asian cargo bound for the East Coast of South America saw the greatest decline on the week, dropping 51.9%, or $2,700, of its value throughout the week, to settle at $2,500/FEU. This is the largest drop in the route’s rate since early September and the first time East Coast South American import rates were below Atlantic import rates since July 12. Market sources said the drop is from soft demand, excess inventory, and government unrest. “The rates are no longer dropping now, but it’s very uncertain times now,” said a freight forwarding source in Brazil. Import rates into the Pacific coast of South America also fell 11.6% to rest at $3,000/FEU.
Source: Datamar News