Freight rates on all of the major trades out of China declined throughout September with excess supply growth continuing to create a volatile environment in the spot market. At the beginning of the month the Shanghai Containerised Freight Index, covering a weighted average of spot rates on 15 liner routes out of Shanghai, stood at 718.97 points, but after three successive weeks of declines had fallen some 21.4% to 571.95 points and not far off the index's all-time low recorded in July this year. Even though bunker prices remain low, allowing carriers to lower their slot costs, it is clear that rates at their current level are not sustainable for the vast majority of liner operators.
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