As uncertainty over Covid policy prompted global shippers to adopt a wait-and-see approach to foreign purchases, shipowners air Lines were "the only thing preventing" rates from falling further. The risk of lockdown, combined with high inventory levels in the West, appears to be dampening shipping demand outside China.

Thomas Gronen, HEAD of GREATER China at Fibs Logistics: "Due to the recession and inflationary pressures in the US and Europe, the feedback from customers is that they are waiting to sell existing stocks before reordering. In addition, there is a very strong hesitancy of quarantine and lockdown, which has delayed buyers going to China."

"The seaborne market is just coming back," Gronen explained. "It's quite 'moderate'. Spot market rates are definitely trending down, with some operators moving faster on this issue than others. Overall, spot rates are now about 25 per cent lower than they were six months ago and more than 50 per cent lower a year ago."

In fact, Mr Gronen argues, the drop in spot rates would have been even worse without the squeeze on capacity caused by air traffic.

The Fibs update, for example, noted 67 empty routes from Ningbo between June 20 and July 24, meaning flights to Europe were strained in August.

"The only market that is still strong is the Middle East, but that is because most of these routes are used by small vessels," he adds.

Shanghai's 14-day average sea traffic is now only 2% lower than it was on March 12, according to FourKites.

In other parts of China, cargo volumes "remained strong", FourKites added, with a 25 percent increase in the volume at the Port of Shenzhen and a 35 percent increase at the Port of Ningbo-Zhoushan over the same period.

Another industry source said: "While the situation is moderating, we are nowhere near the volume and time we saw [from China] before COVID-19."

• Shipping rates from India to Europe fell by double digits

The cost of shipping a 20-foot container from Nhava Sheva/JNPT or Mundra to London Gateway is now $5,240, down 13% from $6,009 a month ago, according to data collected from shipping line/freight forwarder sources. A 40-foot container fell to $5,940 from $7,141, a drop of nearly 17%.

For West India-Rotterdam, the 20-foot booking level was at the same level as London Gateway at $5,240 compared to $6,000 in June, but the 40-foot rate saw a single-digit decline at $5,740 compared to $6,300 last month.

Average contract rates for westbound bookings from India to Europe by major container lines fell by double digits this month from levels reported in June.

Market sources noted that the pricing trend was a clearer indication of a slowdown in India's exports after inflation hit major markets around the world.

Eastbound prices also fell by single-digit percentages: average contract prices for London Gateway/Rotterdam to Nhava Sheva hovers at $1,825 /20 ft and $1,950 /40 ft, compared with $1,923 and $2,046 in June, respectively.

"If demand growth cools, there is a good chance rates will relax further," said one mumbai-based freight forwarder. "For the major shipping lines, this may not be a big deal because they have locked in a lot of long-term contracts, which guarantees them predictable space utilization and higher rates over a longer period of time."

However, rates on intra-Asia/Far East routes trended higher in June due to capacity tightening due to frequent cancellations/delays to Singapore and Colombo, as well as surging demand driven by a post-lockdown rebound in Shanghai.

Shipping rates from Nhava Sheva to Yantian (southern China) rose sharply: from $450 to $550 for a 20-foot box; A 40-foot box went from $700 to $850. Prices for Nhava Sheva-Hong Kong are now $505 and $750, compared with $405 and $610 a month ago.

West India-Shanghai rates rose from $400 for a 20-foot box to $465, from $600 for a 40-foot box to $710. These ports have seen a similar rise in yields, between 12 and 20 per cent.

However, India's export rates to the EAST/West coast of the United States remained stable. At the same time, major liner companies were able to raise contract rates for USEC shipments by an average of 15 percent and for USWC containers by 10 percent, according to the data.

According to industry sources, current rate trends on larger trade routes outside India are somewhat out of line with carrier expectations. It remains to be seen whether liners will cancel more trips in response to the continued erosion of pricing power.

以上翻译结果来自有道神经网络翻译（YNMT）