Container freight rates at Busan Port declined across the board this week, according to the Japan International Freight Forwarders Association (JIFFA). The Korea Container Composite Index (KCCI), released by the Korea Ocean Business Corporation (KOBC), dropped by 2.25% to 2,394 points, reflecting continued pressure on the global shipping market.

Steepest Decline on Trans-Pacific Routes

• US West Coast: Down 7.68% to $2,500/FEU

• US East Coast: Down 3.25% to $4,769/FEU

Diverging Trends in Europe & Mediterranean

• Europe: Up 0.61% to $3,285/FEU

• Mediterranean: Down 2.24% to $3,925/FEU

Mixed Performance on Non-Mainline Routes

• Latin America West Coast: Stable at $2,800/FEU

• Middle East: Down 1.04% to $2,662/FEU

• Australia: Up 3.12% to $1,787/FEU

• Latin America East Coast: Up 0.99% to $6,325/FEU

• West Africa: Up 1.8% to $4,691/FEU

• Southern Africa: Up 3.82% to $3,695/FEU

Intra-Asia Rates Remain Stable

• China: Holding steady at a symbolic $50/FEU

• Southeast Asia: Down 1.13% to $1,053/FEU

• Japan: Down 0.44% to $224/FEU

Summary

While certain regions such as Europe, Africa, and Australia recorded slight increases, significant declines on trans-Pacific and Mediterranean routes led to an overall weakening of the container shipping market. Global demand for freight transport has yet to fully rebound.