Container shipping recorded another decline in spot freight rates in the first week of February 2026. According to the 12 February update of the Drewry World Container Index, the composite index fell by 1 per cent to $1,933 per 40ft container, marking the fifth consecutive week of decreases and a 38 per cent year-on-year contraction. The downturn comes in an atypical period ahead of Chinese New Year, characterised by weak demand and excess capacity, which carriers are attempting to curb through numerous blank sailings.
On China–Europe routes, the deterioration in rates is clear and more pronounced than on other trades. The Shanghai–Rotterdam connection posted a weekly decline of 2 per cent, falling to $2,127 per FEU. The drop was even sharper on the Shanghai–Genoa route, down 3 per cent to $2,965. The figure is significant as the Shanghai–Genoa rate has slipped below the $3,000 threshold, a psychological benchmark for the Mediterranean market in recent months.
The trend reflects an early weakening of seasonal demand. Traditionally, the weeks leading up to Chinese New Year see stronger outbound volumes from Asia, supporting freight rates. This year, however, the peak appears to have occurred much earlier, leaving the market in a phase of overcapacity just as factories in China prepare to close. Across the Asia–Europe and Mediterranean trades, 24 blank sailings have been announced for the coming weeks in an effort to rebalance available capacity and actual cargo volumes.
Transpacific routes also point to continued weakness. Rates from Shanghai to Los Angeles fell 1 per cent week on week to $2,214 per 40ft container, while those to New York declined by 1 per cent to $2,800. The year-on-year comparison shows a far steeper contraction: down 50 per cent on the US West Coast route and 52 per cent on the East Coast. This represents a significant correction compared with levels recorded a year ago.
To counter subdued volumes, carriers have cancelled 57 sailings on transpacific routes over the next two weeks. So far, however, capacity adjustments have not reversed the downward trend in spot rates, which continue to edge lower. Competitive pressure and cautious purchasing by US importers are keeping the market at subdued levels.
The picture is different on Europe–US routes. The Rotterdam–New York service recorded a 1 per cent weekly increase, signalling greater stability compared with the main export flows from Asia. The trend is even more evident on return legs towards Asia: Rotterdam–Shanghai rose 2 per cent week on week and 6 per cent year on year, while New York–Rotterdam increased 2 per cent week on week and 16 per cent compared with a year earlier.
The gap between headhaul and backhaul routes highlights a segmented market. While Asian export trades are under pressure due to weaker demand in destination markets, return legs are showing relative resilience, partly linked to empty container management and repositioning requirements towards Asian ports. Despite the recent decline, Shanghai–Genoa remains the most expensive route at $2,965 per 40ft container, while Rotterdam–Shanghai is the cheapest at $525. According to Drewry, a further slight easing of spot rates is expected in the coming weeks, also in light of factory closures in China.
M.G.
