Freight rates from Shanghai to Genoa decreased 9% or $346 to $3,438 per 40-feet container, while rates from Shanghai to Rotterdam dropped 6% or $218 to $3,373 per 40-feet container.

Likewise, rates from Shanghai to New York fell 3% or $152 to $5,609 per 40-feet container and those from Shanghai to Los Angeles declined 2% or $78 to $4,941 per 40-feet container.

Conversely, rates from Rotterdam to Shanghai increased 1% or $4 to $547 per 40-feet container.

Meanwhile, rates from Los Angeles to Shanghai, New York to Rotterdam and Rotterdam to New York remained stable.

Drewry expects rates (ex-China) to continue with their marginal decline in the coming weeks.