Port Report: Box freight rates out of China have 'gone to hell in a handbasket'

PORT OF SHANGHAI ( PHOTO: SHUTTERSTOCK )

PORT OF SHANGHAI (PHOTO: SHUTTERSTOCK)

Pre-tariff front loading to the U.S. and seasonal slowdown contribute to weakness in ocean freight rates from world’s largest exporter.

Containerized freight rates from China continue to show signs of decline, according to the latest data from the Shanghai Shipping Exchange. Industry sources say the market has “gone to hell in a handbasket” and warn that shipping lines will likely have to remove whole service loops.