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Freight rates on major global routes have dropped over 40%, prompting shipping lines to cut capacity and delay new routes. Oversupply and cancellations may lead to further ship idling.
SCFI rates fell for the 8th week, with U.S. West Coast rates dropping below $2,000/FEU, nearing cost levels. Route cancellations and weak demand pressure rates, but a seasonal recovery is expected in Q2.
