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A massive layoff wave is sweeping the global shipping and logistics industry, driven by falling freight rates and overcapacity.

In February, the SCFI dropped 3.81% to 1266.56 points, falling for five consecutive weeks, with all four major routes sliding. The US West Coast, US East Coast, Europe and Mediterranean routes all declined, while Japan routes remained stable. Carriers adopted capacity control and planned rate increases, but the post - holiday demand recovery will determine the rate trend.