{ "version": "1.0.0", "month": "2025-03", "published": "2025-03-05", "methodology_version": "v1", "disclaimer": "Single-forwarder benchmark (SINO Shipping). Calibrated monthly against FBX and Drewry WCI on overlapping lanes only — the ~14-16 emerging-markets lanes covered here have no public benchmark, which is precisely the gap this tracker fills.", "clusters": [ { "id": "latam-nearshoring", "name": "LATAM nearshoring", "tagline": "Pacific Alliance + Atlantic alt-ports, Chancay megaport spillover", "lanes": [ "china-brazil", "china-mexico", "china-chile", "china-peru", "china-colombia", "china-ecuador", "china-argentina" ] }, { "id": "iberian-gateway", "name": "Iberian gateway", "tagline": "Algeciras / Valencia / Sines — Southern Europe transshipment to Iberia, North Africa and Atlantic re-export", "lanes": [ "china-spain", "china-portugal" ] } ], "countries": [ { "slug": "argentina", "rates": { "sea_20gp_usd": [ 1450, 1800 ], "sea_40gp_usd": [ 2350, 2850 ], "sea_lcl_usd_cbm": 98, "air_perkg_usd": 9.4, "express_perkg_usd": 15, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 32, 40 ], "air": [ 3, 4 ], "rail": null, "express": [ 3, 5 ], "lcl": [ 11, 18 ] }, "mom_delta": { "sea_40gp": -22.96, "sea_20gp": -22.62, "air": -7.39, "express": -7.41, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 3400, 3500, 3675, 3850, 3375, 2600 ], "air_perkg_usd": [ null, null, null, null, null, null, 10.15, 10.25, 10.4, 10.6, 10.15, 9.4 ], "express_perkg_usd": [ null, null, null, null, null, null, 16.25, 16.45, 16.65, 16.95, 16.2, 15 ] }, "market_snapshot": { "items": [ { "label": "Rate soft", "icon": "chart", "status": "stable", "text": "Rates at multi-month lows — good time to ship" }, { "label": "Carrier competition", "icon": "container", "status": "stable", "text": "Multiple options available — compare quotes" }, { "label": "Harvest exports", "icon": "info", "status": "normal", "text": "Agricultural export season keeping some reefer space tight" } ] } }, { "slug": "bolivia", "rates": { "sea_20gp_usd": [ 1650, 2000 ], "sea_40gp_usd": [ 2650, 3250 ], "sea_lcl_usd_cbm": 117, "air_perkg_usd": 9.6, "express_perkg_usd": 15.35, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 35, 42 ], "air": [ 4, 6 ], "rail": null, "express": [ 3, 5 ], "lcl": [ 11, 16 ] }, "mom_delta": { "sea_40gp": -22.88, "sea_20gp": -23.96, "air": -7.25, "express": -7.25, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 3900, 4000, 4175, 4375, 3825, 2950 ], "air_perkg_usd": [ null, null, null, null, null, null, 10.4, 10.5, 10.65, 10.8, 10.35, 9.6 ], "express_perkg_usd": [ null, null, null, null, null, null, 16.65, 16.8, 17.05, 17.3, 16.55, 15.35 ] }, "market_snapshot": { "items": [ { "label": "Rate soft", "icon": "chart", "status": "stable", "text": "Rates at multi-month lows — good time to ship" }, { "label": "Carrier competition", "icon": "container", "status": "stable", "text": "Multiple options available — compare quotes" }, { "label": "Harvest exports", "icon": "info", "status": "normal", "text": "Agricultural export season keeping some reefer space tight" } ] } }, { "slug": "brazil", "rates": { "sea_20gp_usd": [ 1550, 1900 ], "sea_40gp_usd": [ 2400, 2950 ], "sea_lcl_usd_cbm": 78, "air_perkg_usd": 9.15, "express_perkg_usd": 14.7, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 30, 38 ], "air": [ 3, 4 ], "rail": null, "express": [ 3, 5 ], "lcl": [ 9, 17 ] }, "mom_delta": { "sea_40gp": -23.57, "sea_20gp": -22.47, "air": -7.58, "express": -7.26, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 3550, 3675, 3825, 4000, 3500, 2675 ], "air_perkg_usd": [ null, null, null, null, null, null, 9.95, 10.05, 10.2, 10.35, 9.9, 9.15 ], "express_perkg_usd": [ null, null, null, null, null, null, 15.9, 16.1, 16.3, 16.55, 15.85, 14.7 ] }, "market_snapshot": { "items": [ { "label": "Rate soft", "icon": "chart", "status": "stable", "text": "Rates at multi-month lows — good time to ship" }, { "label": "Carrier competition", "icon": "container", "status": "stable", "text": "Multiple options available — compare quotes" }, { "label": "Harvest exports", "icon": "info", "status": "normal", "text": "Agricultural export season keeping some reefer space tight" } ] } }, { "slug": "chile", "rates": { "sea_20gp_usd": [ 1850, 2250 ], "sea_40gp_usd": [ 2900, 3550 ], "sea_lcl_usd_cbm": 137, "air_perkg_usd": 6.95, "express_perkg_usd": 11.1, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 28, 35 ], "air": [ 3, 5 ], "rail": null, "express": [ 2, 5 ], "lcl": [ 10, 16 ] }, "mom_delta": { "sea_40gp": -23.67, "sea_20gp": -22.64, "air": -7.33, "express": -7.5, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 4275, 4400, 4600, 4825, 4225, 3225 ], "air_perkg_usd": [ null, null, null, null, null, null, 7.5, 7.6, 7.7, 7.85, 7.5, 6.95 ], "express_perkg_usd": [ null, null, null, null, null, null, 12.05, 12.15, 12.3, 12.5, 12, 11.1 ] }, "market_snapshot": { "items": [ { "label": "Rate soft", "icon": "chart", "status": "stable", "text": "Rates at multi-month lows — good time to ship" }, { "label": "Carrier competition", "icon": "container", "status": "stable", "text": "Multiple options available — compare quotes" }, { "label": "Harvest exports", "icon": "info", "status": "normal", "text": "Agricultural export season keeping some reefer space tight" } ] } }, { "slug": "colombia", "rates": { "sea_20gp_usd": [ 1850, 2250 ], "sea_40gp_usd": [ 2900, 3550 ], "sea_lcl_usd_cbm": 137, "air_perkg_usd": 9.15, "express_perkg_usd": 14.7, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 25, 32 ], "air": [ 3, 5 ], "rail": null, "express": [ 2, 5 ], "lcl": [ 11, 17 ] }, "mom_delta": { "sea_40gp": -23.67, "sea_20gp": -22.64, "air": -7.58, "express": -7.26, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 4275, 4400, 4600, 4825, 4225, 3225 ], "air_perkg_usd": [ null, null, null, null, null, null, 9.95, 10.05, 10.2, 10.35, 9.9, 9.15 ], "express_perkg_usd": [ null, null, null, null, null, null, 15.9, 16.1, 16.3, 16.55, 15.85, 14.7 ] }, "market_snapshot": { "items": [ { "label": "Rate soft", "icon": "chart", "status": "stable", "text": "Rates at multi-month lows — good time to ship" }, { "label": "Carrier competition", "icon": "container", "status": "stable", "text": "Multiple options available — compare quotes" }, { "label": "Harvest exports", "icon": "info", "status": "normal", "text": "Agricultural export season keeping some reefer space tight" } ] } }, { "slug": "costa-rica", "rates": { "sea_20gp_usd": [ 2100, 2550 ], "sea_40gp_usd": [ 3350, 4050 ], "sea_lcl_usd_cbm": 134, "air_perkg_usd": 9.5, "express_perkg_usd": 15.25, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 20, 28 ], "air": [ 3, 4 ], "rail": [ 7, 10 ], "express": [ 3, 5 ], "lcl": [ 9, 19 ] }, "mom_delta": { "sea_40gp": -35.09, "sea_20gp": -35.42, "air": -18.45, "express": -18.01, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 5725, 5675, 5650, 6325, 5700, 3700 ], "air_perkg_usd": [ null, null, null, null, null, null, 11.65, 11.6, 11.6, 12.1, 11.65, 9.5 ], "express_perkg_usd": [ null, null, null, null, null, null, 18.65, 18.6, 18.55, 19.4, 18.6, 15.25 ] }, "market_snapshot": { "items": [ { "label": "Tariff adjustment", "icon": "alert", "status": "tighter", "text": "Trade policy uncertainty — supply chains restructuring" }, { "label": "Rate pressure", "icon": "chart", "status": "stable", "text": "Overcapacity driving rates down — negotiate aggressively" }, { "label": "Capacity surplus", "icon": "container", "status": "stable", "text": "Carriers competing for volume on transpacific" }, { "label": "Nearshoring trend", "icon": "info", "status": "normal", "text": "More sourcing shifting to Mexico and Southeast Asia" } ] } }, { "slug": "cuba", "rates": { "sea_20gp_usd": [ 5250, 6450 ], "sea_40gp_usd": [ 8450, 10350 ], "sea_lcl_usd_cbm": 317, "air_perkg_usd": 10, "express_perkg_usd": 16.05, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 28, 35 ], "air": [ 4, 7 ], "rail": [ 6, 8 ], "express": [ 2, 4 ], "lcl": [ 9, 15 ] }, "mom_delta": { "sea_40gp": -34.95, "sea_20gp": -35.18, "air": -18.37, "express": -18.11, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 14500, 14375, 14300, 16000, 14450, 9400 ], "air_perkg_usd": [ null, null, null, null, null, null, 12.3, 12.2, 12.2, 12.75, 12.25, 10 ], "express_perkg_usd": [ null, null, null, null, null, null, 19.65, 19.55, 19.55, 20.4, 19.6, 16.05 ] }, "market_snapshot": { "items": [ { "label": "Tariff adjustment", "icon": "alert", "status": "tighter", "text": "Trade policy uncertainty — supply chains restructuring" }, { "label": "Rate pressure", "icon": "chart", "status": "stable", "text": "Overcapacity driving rates down — negotiate aggressively" }, { "label": "Capacity surplus", "icon": "container", "status": "stable", "text": "Carriers competing for volume on transpacific" }, { "label": "Nearshoring trend", "icon": "info", "status": "normal", "text": "More sourcing shifting to Mexico and Southeast Asia" } ] } }, { "slug": "dominican-republic", "rates": { "sea_20gp_usd": [ 5250, 6450 ], "sea_40gp_usd": [ 8450, 10350 ], "sea_lcl_usd_cbm": 317, "air_perkg_usd": 10, "express_perkg_usd": 16.05, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 25, 32 ], "air": [ 3, 6 ], "rail": [ 6, 9 ], "express": [ 2, 4 ], "lcl": [ 10, 16 ] }, "mom_delta": { "sea_40gp": -34.95, "sea_20gp": -35.18, "air": -18.37, "express": -18.11, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 14500, 14375, 14300, 16000, 14450, 9400 ], "air_perkg_usd": [ null, null, null, null, null, null, 12.3, 12.2, 12.2, 12.75, 12.25, 10 ], "express_perkg_usd": [ null, null, null, null, null, null, 19.65, 19.55, 19.55, 20.4, 19.6, 16.05 ] }, "market_snapshot": { "items": [ { "label": "Tariff adjustment", "icon": "alert", "status": "tighter", "text": "Trade policy uncertainty — supply chains restructuring" }, { "label": "Rate pressure", "icon": "chart", "status": "stable", "text": "Overcapacity driving rates down — negotiate aggressively" }, { "label": "Capacity surplus", "icon": "container", "status": "stable", "text": "Carriers competing for volume on transpacific" }, { "label": "Nearshoring trend", "icon": "info", "status": "normal", "text": "More sourcing shifting to Mexico and Southeast Asia" } ] } }, { "slug": "ecuador", "rates": { "sea_20gp_usd": [ 1850, 2250 ], "sea_40gp_usd": [ 2900, 3550 ], "sea_lcl_usd_cbm": 137, "air_perkg_usd": 9.15, "express_perkg_usd": 14.7, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 28, 35 ], "air": [ 3, 5 ], "rail": null, "express": [ 2, 5 ], "lcl": [ 9, 18 ] }, "mom_delta": { "sea_40gp": -23.67, "sea_20gp": -22.64, "air": -7.58, "express": -7.26, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 4275, 4400, 4600, 4825, 4225, 3225 ], "air_perkg_usd": [ null, null, null, null, null, null, 9.95, 10.05, 10.2, 10.35, 9.9, 9.15 ], "express_perkg_usd": [ null, null, null, null, null, null, 15.9, 16.1, 16.3, 16.55, 15.85, 14.7 ] }, "market_snapshot": { "items": [ { "label": "Rate soft", "icon": "chart", "status": "stable", "text": "Rates at multi-month lows — good time to ship" }, { "label": "Carrier competition", "icon": "container", "status": "stable", "text": "Multiple options available — compare quotes" }, { "label": "Harvest exports", "icon": "info", "status": "normal", "text": "Agricultural export season keeping some reefer space tight" } ] } }, { "slug": "el-salvador", "rates": { "sea_20gp_usd": [ 2100, 2550 ], "sea_40gp_usd": [ 3350, 4050 ], "sea_lcl_usd_cbm": 134, "air_perkg_usd": 9.5, "express_perkg_usd": 15.25, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 20, 28 ], "air": [ 2, 4 ], "rail": [ 5, 8 ], "express": [ 2, 5 ], "lcl": [ 11, 18 ] }, "mom_delta": { "sea_40gp": -35.09, "sea_20gp": -35.42, "air": -18.45, "express": -18.01, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 5725, 5675, 5650, 6325, 5700, 3700 ], "air_perkg_usd": [ null, null, null, null, null, null, 11.65, 11.6, 11.6, 12.1, 11.65, 9.5 ], "express_perkg_usd": [ null, null, null, null, null, null, 18.65, 18.6, 18.55, 19.4, 18.6, 15.25 ] }, "market_snapshot": { "items": [ { "label": "Tariff adjustment", "icon": "alert", "status": "tighter", "text": "Trade policy uncertainty — supply chains restructuring" }, { "label": "Rate pressure", "icon": "chart", "status": "stable", "text": "Overcapacity driving rates down — negotiate aggressively" }, { "label": "Capacity surplus", "icon": "container", "status": "stable", "text": "Carriers competing for volume on transpacific" }, { "label": "Nearshoring trend", "icon": "info", "status": "normal", "text": "More sourcing shifting to Mexico and Southeast Asia" } ] } }, { "slug": "guatemala", "rates": { "sea_20gp_usd": [ 2100, 2550 ], "sea_40gp_usd": [ 3350, 4050 ], "sea_lcl_usd_cbm": 134, "air_perkg_usd": 9.5, "express_perkg_usd": 15.25, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 20, 28 ], "air": [ 3, 4 ], "rail": [ 5, 6 ], "express": [ 3, 5 ], "lcl": [ 9, 17 ] }, "mom_delta": { "sea_40gp": -35.09, "sea_20gp": -35.42, "air": -18.45, "express": -18.01, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 5725, 5675, 5650, 6325, 5700, 3700 ], "air_perkg_usd": [ null, null, null, null, null, null, 11.65, 11.6, 11.6, 12.1, 11.65, 9.5 ], "express_perkg_usd": [ null, null, null, null, null, null, 18.65, 18.6, 18.55, 19.4, 18.6, 15.25 ] }, "market_snapshot": { "items": [ { "label": "Tariff adjustment", "icon": "alert", "status": "tighter", "text": "Trade policy uncertainty — supply chains restructuring" }, { "label": "Rate pressure", "icon": "chart", "status": "stable", "text": "Overcapacity driving rates down — negotiate aggressively" }, { "label": "Capacity surplus", "icon": "container", "status": "stable", "text": "Carriers competing for volume on transpacific" }, { "label": "Nearshoring trend", "icon": "info", "status": "normal", "text": "More sourcing shifting to Mexico and Southeast Asia" } ] } }, { "slug": "guyana", "rates": { "sea_20gp_usd": [ 1650, 2000 ], "sea_40gp_usd": [ 2650, 3250 ], "sea_lcl_usd_cbm": 117, "air_perkg_usd": 9.6, "express_perkg_usd": 15.35, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 30, 38 ], "air": [ 4, 6 ], "rail": null, "express": [ 3, 5 ], "lcl": [ 12, 19 ] }, "mom_delta": { "sea_40gp": -22.88, "sea_20gp": -23.96, "air": -7.25, "express": -7.25, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 3900, 4000, 4175, 4375, 3825, 2950 ], "air_perkg_usd": [ null, null, null, null, null, null, 10.4, 10.5, 10.65, 10.8, 10.35, 9.6 ], "express_perkg_usd": [ null, null, null, null, null, null, 16.65, 16.8, 17.05, 17.3, 16.55, 15.35 ] }, "market_snapshot": { "items": [ { "label": "Rate soft", "icon": "chart", "status": "stable", "text": "Rates at multi-month lows — good time to ship" }, { "label": "Carrier competition", "icon": "container", "status": "stable", "text": "Multiple options available — compare quotes" }, { "label": "Harvest exports", "icon": "info", "status": "normal", "text": "Agricultural export season keeping some reefer space tight" } ] } }, { "slug": "haiti", "rates": { "sea_20gp_usd": [ 5250, 6450 ], "sea_40gp_usd": [ 8450, 10350 ], "sea_lcl_usd_cbm": 317, "air_perkg_usd": 10, "express_perkg_usd": 16.05, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 10, 15 ], "air": [ 2, 3 ], "rail": [ 6, 8 ], "express": [ 2, 4 ], "lcl": [ 11, 19 ] }, "mom_delta": { "sea_40gp": -34.95, "sea_20gp": -35.18, "air": -18.37, "express": -18.11, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 14500, 14375, 14300, 16000, 14450, 9400 ], "air_perkg_usd": [ null, null, null, null, null, null, 12.3, 12.2, 12.2, 12.75, 12.25, 10 ], "express_perkg_usd": [ null, null, null, null, null, null, 19.65, 19.55, 19.55, 20.4, 19.6, 16.05 ] }, "market_snapshot": { "items": [ { "label": "Tariff adjustment", "icon": "alert", "status": "tighter", "text": "Trade policy uncertainty — supply chains restructuring" }, { "label": "Rate pressure", "icon": "chart", "status": "stable", "text": "Overcapacity driving rates down — negotiate aggressively" }, { "label": "Capacity surplus", "icon": "container", "status": "stable", "text": "Carriers competing for volume on transpacific" }, { "label": "Nearshoring trend", "icon": "info", "status": "normal", "text": "More sourcing shifting to Mexico and Southeast Asia" } ] } }, { "slug": "honduras", "rates": { "sea_20gp_usd": [ 2100, 2550 ], "sea_40gp_usd": [ 3350, 4050 ], "sea_lcl_usd_cbm": 134, "air_perkg_usd": 9.5, "express_perkg_usd": 15.25, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 20, 28 ], "air": [ 3, 4 ], "rail": [ 6, 9 ], "express": [ 3, 5 ], "lcl": [ 11, 19 ] }, "mom_delta": { "sea_40gp": -35.09, "sea_20gp": -35.42, "air": -18.45, "express": -18.01, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 5725, 5675, 5650, 6325, 5700, 3700 ], "air_perkg_usd": [ null, null, null, null, null, null, 11.65, 11.6, 11.6, 12.1, 11.65, 9.5 ], "express_perkg_usd": [ null, null, null, null, null, null, 18.65, 18.6, 18.55, 19.4, 18.6, 15.25 ] }, "market_snapshot": { "items": [ { "label": "Tariff adjustment", "icon": "alert", "status": "tighter", "text": "Trade policy uncertainty — supply chains restructuring" }, { "label": "Rate pressure", "icon": "chart", "status": "stable", "text": "Overcapacity driving rates down — negotiate aggressively" }, { "label": "Capacity surplus", "icon": "container", "status": "stable", "text": "Carriers competing for volume on transpacific" }, { "label": "Nearshoring trend", "icon": "info", "status": "normal", "text": "More sourcing shifting to Mexico and Southeast Asia" } ] } }, { "slug": "jamaica", "rates": { "sea_20gp_usd": [ 5250, 6450 ], "sea_40gp_usd": [ 8450, 10350 ], "sea_lcl_usd_cbm": 317, "air_perkg_usd": 10, "express_perkg_usd": 16.05, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 25, 32 ], "air": [ 3, 6 ], "rail": [ 5, 9 ], "express": [ 2, 4 ], "lcl": [ 10, 18 ] }, "mom_delta": { "sea_40gp": -34.95, "sea_20gp": -35.18, "air": -18.37, "express": -18.11, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 14500, 14375, 14300, 16000, 14450, 9400 ], "air_perkg_usd": [ null, null, null, null, null, null, 12.3, 12.2, 12.2, 12.75, 12.25, 10 ], "express_perkg_usd": [ null, null, null, null, null, null, 19.65, 19.55, 19.55, 20.4, 19.6, 16.05 ] }, "market_snapshot": { "items": [ { "label": "Tariff adjustment", "icon": "alert", "status": "tighter", "text": "Trade policy uncertainty — supply chains restructuring" }, { "label": "Rate pressure", "icon": "chart", "status": "stable", "text": "Overcapacity driving rates down — negotiate aggressively" }, { "label": "Capacity surplus", "icon": "container", "status": "stable", "text": "Carriers competing for volume on transpacific" }, { "label": "Nearshoring trend", "icon": "info", "status": "normal", "text": "More sourcing shifting to Mexico and Southeast Asia" } ] } }, { "slug": "mexico", "rates": { 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capacity — rates under pressure" }, { "label": "EU ETS cost", "icon": "info", "status": "normal", "text": "EU Emissions Trading System surcharges now standard on European routes" } ] } }, { "slug": "suriname", "rates": { "sea_20gp_usd": [ 1650, 2000 ], "sea_40gp_usd": [ 2650, 3250 ], "sea_lcl_usd_cbm": 117, "air_perkg_usd": 9.6, "express_perkg_usd": 15.35, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 30, 38 ], "air": [ 4, 6 ], "rail": null, "express": [ 3, 5 ], "lcl": [ 11, 16 ] }, "mom_delta": { "sea_40gp": -22.88, "sea_20gp": -23.96, "air": -7.25, "express": -7.25, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 3900, 4000, 4175, 4375, 3825, 2950 ], "air_perkg_usd": [ null, null, null, null, null, null, 10.4, 10.5, 10.65, 10.8, 10.35, 9.6 ], "express_perkg_usd": [ null, null, null, null, null, null, 16.65, 16.8, 17.05, 17.3, 16.55, 15.35 ] }, "market_snapshot": { "items": [ { "label": "Rate soft", "icon": "chart", "status": "stable", "text": "Rates at multi-month lows — good time to ship" }, { "label": "Carrier competition", "icon": "container", "status": "stable", "text": "Multiple options available — compare quotes" }, { "label": "Harvest exports", "icon": "info", "status": "normal", "text": "Agricultural export season keeping some reefer space tight" } ] } }, { "slug": "trinidad-and-tobago", "rates": { "sea_20gp_usd": [ 5250, 6450 ], "sea_40gp_usd": [ 8450, 10350 ], "sea_lcl_usd_cbm": 317, "air_perkg_usd": 10, "express_perkg_usd": 16.05, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 9, 13 ], "air": [ 3, 4 ], "rail": [ 6, 9 ], "express": [ 3, 5 ], "lcl": [ 10, 17 ] }, "mom_delta": { "sea_40gp": -34.95, "sea_20gp": -35.18, "air": -18.37, "express": -18.11, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 14500, 14375, 14300, 16000, 14450, 9400 ], "air_perkg_usd": [ 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compare quotes" }, { "label": "Harvest exports", "icon": "info", "status": "normal", "text": "Agricultural export season keeping some reefer space tight" } ] } } ], "pool_lanes": [ { "id": "china-brazil", "country_slug": "brazil", "country_name": "Brazil", "cluster": "latam-nearshoring", "primary_mode": "sea", "recommended_origin": "Ningbo (sea via Santos)", "narrative_angle": "Largest LATAM gateway — Santos congestion + China auto manufacturing investment surge", "search_demand": "H", "fbx_drewry_overlap": true, "fbx_drewry_route": "China → South America East Coast (FBX)", "country_guide_path": "/country-guides/freight-from-china-to-brazil/", "rates": { "sea_20gp_usd": [ 1550, 1900 ], "sea_40gp_usd": [ 2400, 2950 ], "sea_lcl_usd_cbm": 78, "air_perkg_usd": 9.15, "express_perkg_usd": 14.7, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 30, 38 ], "air": [ 3, 4 ], "rail": null, "express": [ 3, 5 ], "lcl": [ 9, 17 ] }, "mom_delta": { 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"express_perkg_usd": [ null, null, null, null, null, null, 18.65, 18.6, 18.55, 19.4, 18.6, 15.25 ] }, "market_snapshot": { "items": [ { "label": "Tariff adjustment", "icon": "alert", "status": "tighter", "text": "Trade policy uncertainty — supply chains restructuring" }, { "label": "Rate pressure", "icon": "chart", "status": "stable", "text": "Overcapacity driving rates down — negotiate aggressively" }, { "label": "Capacity surplus", "icon": "container", "status": "stable", "text": "Carriers competing for volume on transpacific" }, { "label": "Nearshoring trend", "icon": "info", "status": "normal", "text": "More sourcing shifting to Mexico and Southeast Asia" } ] }, "narrative_draft": null }, { "id": "china-chile", "country_slug": "chile", "country_name": "Chile", "cluster": "latam-nearshoring", "primary_mode": "sea", "recommended_origin": "Shanghai (sea via Valparaiso)", "narrative_angle": "Copper exporter / lithium triangle gateway via Valparaiso", "search_demand": "M", "fbx_drewry_overlap": true, "fbx_drewry_route": "China → South America West Coast (FBX)", "country_guide_path": null, "rates": { "sea_20gp_usd": [ 1850, 2250 ], "sea_40gp_usd": [ 2900, 3550 ], "sea_lcl_usd_cbm": 137, "air_perkg_usd": 6.95, "express_perkg_usd": 11.1, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 28, 35 ], "air": [ 3, 5 ], "rail": null, "express": [ 2, 5 ], "lcl": [ 10, 16 ] }, "mom_delta": { "sea_40gp": -23.67, "sea_20gp": -22.64, "air": -7.33, "express": -7.5, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 4275, 4400, 4600, 4825, 4225, 3225 ], "air_perkg_usd": [ null, null, null, null, null, null, 7.5, 7.6, 7.7, 7.85, 7.5, 6.95 ], "express_perkg_usd": [ null, null, null, null, null, null, 12.05, 12.15, 12.3, 12.5, 12, 11.1 ] }, "market_snapshot": { "items": [ { "label": "Rate soft", "icon": "chart", "status": "stable", "text": "Rates at multi-month lows — good time to ship" }, { "label": "Carrier competition", "icon": "container", "status": "stable", "text": "Multiple options available — compare quotes" }, { "label": "Harvest exports", "icon": "info", "status": "normal", "text": "Agricultural export season keeping some reefer space tight" } ] }, "narrative_draft": null }, { "id": "china-peru", "country_slug": "peru", "country_name": "Peru", "cluster": "latam-nearshoring", "primary_mode": "sea", "recommended_origin": "Shanghai (sea via Chancay/Callao)", "narrative_angle": "Chancay megaport just opened — first Chinese-built deep-sea hub on Pacific coast", "search_demand": "H", "fbx_drewry_overlap": true, "fbx_drewry_route": "China → South America West Coast (FBX)", "country_guide_path": "/shipping-from-china-to-peru/", "rates": { "sea_20gp_usd": [ 1650, 2000 ], "sea_40gp_usd": [ 2650, 3250 ], "sea_lcl_usd_cbm": 117, "air_perkg_usd": 9.6, "express_perkg_usd": 15.35, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 28, 35 ], "air": [ 3, 5 ], "rail": null, "express": [ 2, 4 ], "lcl": [ 11, 16 ] }, "mom_delta": { "sea_40gp": -22.88, "sea_20gp": -23.96, "air": -7.25, "express": -7.25, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 3900, 4000, 4175, 4375, 3825, 2950 ], "air_perkg_usd": [ null, null, null, null, null, null, 10.4, 10.5, 10.65, 10.8, 10.35, 9.6 ], "express_perkg_usd": [ null, null, null, null, null, null, 16.65, 16.8, 17.05, 17.3, 16.55, 15.35 ] }, "market_snapshot": { "items": [ { "label": "Rate soft", "icon": "chart", "status": "stable", "text": "Rates at multi-month lows — good time to ship" }, { "label": "Carrier competition", "icon": "container", "status": "stable", "text": "Multiple options available — compare quotes" }, { "label": "Harvest exports", "icon": "info", "status": "normal", "text": "Agricultural export season keeping some reefer space tight" } ] }, "narrative_draft": null }, { "id": "china-colombia", "country_slug": "colombia", "country_name": "Colombia", "cluster": "latam-nearshoring", "primary_mode": "sea", "recommended_origin": "Shenzhen (sea via Buenaventura)", "narrative_angle": "Buenaventura main gateway, Caribbean access via Cartagena", "search_demand": "M", "fbx_drewry_overlap": true, "fbx_drewry_route": "China → South America West Coast (FBX)", "country_guide_path": "/freight-china-colombia/", "rates": { "sea_20gp_usd": [ 1850, 2250 ], "sea_40gp_usd": [ 2900, 3550 ], "sea_lcl_usd_cbm": 137, "air_perkg_usd": 9.15, "express_perkg_usd": 14.7, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 25, 32 ], "air": [ 3, 5 ], "rail": null, "express": [ 2, 5 ], "lcl": [ 11, 17 ] }, "mom_delta": { "sea_40gp": -23.67, "sea_20gp": -22.64, "air": -7.58, "express": -7.26, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 4275, 4400, 4600, 4825, 4225, 3225 ], "air_perkg_usd": [ null, null, null, null, null, null, 9.95, 10.05, 10.2, 10.35, 9.9, 9.15 ], "express_perkg_usd": [ null, null, null, null, null, null, 15.9, 16.1, 16.3, 16.55, 15.85, 14.7 ] }, "market_snapshot": { "items": [ { "label": "Rate soft", "icon": "chart", "status": "stable", "text": "Rates at multi-month lows — good time to ship" }, { "label": "Carrier competition", "icon": "container", "status": "stable", "text": "Multiple options available — compare quotes" }, { "label": "Harvest exports", "icon": "info", "status": "normal", "text": "Agricultural export season keeping some reefer space tight" } ] }, "narrative_draft": null }, { "id": "china-ecuador", "country_slug": "ecuador", "country_name": "Ecuador", "cluster": "latam-nearshoring", "primary_mode": "sea", "recommended_origin": "Shanghai (sea via Guayaquil)", "narrative_angle": "Banana exporter, USD-economy, Guayaquil dredging", "search_demand": "L", "fbx_drewry_overlap": true, "fbx_drewry_route": "China → South America West Coast (FBX)", "country_guide_path": "/freight-china-ecuador/", "rates": { "sea_20gp_usd": [ 1850, 2250 ], "sea_40gp_usd": [ 2900, 3550 ], "sea_lcl_usd_cbm": 137, "air_perkg_usd": 9.15, "express_perkg_usd": 14.7, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 28, 35 ], "air": [ 3, 5 ], "rail": null, "express": [ 2, 5 ], "lcl": [ 9, 18 ] }, "mom_delta": { "sea_40gp": -23.67, "sea_20gp": -22.64, "air": -7.58, "express": -7.26, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 4275, 4400, 4600, 4825, 4225, 3225 ], "air_perkg_usd": [ null, null, null, null, null, null, 9.95, 10.05, 10.2, 10.35, 9.9, 9.15 ], "express_perkg_usd": [ null, null, null, null, null, null, 15.9, 16.1, 16.3, 16.55, 15.85, 14.7 ] }, "market_snapshot": { "items": [ { "label": "Rate soft", "icon": "chart", "status": "stable", "text": "Rates at multi-month lows — good time to ship" }, { "label": "Carrier competition", "icon": "container", "status": "stable", "text": "Multiple options available — compare quotes" }, { "label": "Harvest exports", "icon": "info", "status": "normal", "text": "Agricultural export season keeping some reefer space tight" } ] }, "narrative_draft": null }, { "id": "china-argentina", "country_slug": "argentina", "country_name": "Argentina", "cluster": "latam-nearshoring", "primary_mode": "sea", "recommended_origin": "Ningbo (sea via Buenos Aires)", "narrative_angle": "Buenos Aires gateway — commodity exporter, FX-volatile demand cycles", "search_demand": "M", "fbx_drewry_overlap": true, "fbx_drewry_route": "China → South America East Coast (FBX)", "country_guide_path": null, "rates": { "sea_20gp_usd": [ 1450, 1800 ], "sea_40gp_usd": [ 2350, 2850 ], "sea_lcl_usd_cbm": 98, "air_perkg_usd": 9.4, "express_perkg_usd": 15, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 32, 40 ], "air": [ 3, 4 ], "rail": null, "express": [ 3, 5 ], "lcl": [ 11, 18 ] }, "mom_delta": { "sea_40gp": -22.96, "sea_20gp": -22.62, "air": -7.39, "express": -7.41, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 3400, 3500, 3675, 3850, 3375, 2600 ], "air_perkg_usd": [ null, null, null, null, null, null, 10.15, 10.25, 10.4, 10.6, 10.15, 9.4 ], "express_perkg_usd": [ null, null, null, null, null, null, 16.25, 16.45, 16.65, 16.95, 16.2, 15 ] }, "market_snapshot": { "items": [ { "label": "Rate soft", "icon": "chart", "status": "stable", "text": "Rates at multi-month lows — good time to ship" }, { "label": "Carrier competition", "icon": "container", "status": "stable", "text": "Multiple options available — compare quotes" }, { "label": "Harvest exports", "icon": "info", "status": "normal", "text": "Agricultural export season keeping some reefer space tight" } ] }, "narrative_draft": null }, { "id": "china-spain", "country_slug": "spain", "country_name": "Spain", "cluster": "iberian-gateway", "primary_mode": "sea", "recommended_origin": "Shanghai (sea via Algeciras / Valencia)", "narrative_angle": "Algeciras / Valencia hub for Iberia + North Africa transshipment", "search_demand": "H", "fbx_drewry_overlap": true, "fbx_drewry_route": "China → North Europe / Med (FBX, Med proxy)", "country_guide_path": null, "rates": { "sea_20gp_usd": [ 3950, 4800 ], "sea_40gp_usd": [ 5950, 7250 ], "sea_lcl_usd_cbm": 141, "air_perkg_usd": 8.8, "express_perkg_usd": 14.1, "rail_20gp_usd": [ 4550, 5550 ], "rail_40gp_usd": [ 6600, 8100 ], "rail_lcl_usd_cbm": 229 }, "transit_days": { "sea": [ 25, 31 ], "air": [ 5, 7 ], "rail": [ 13, 18 ], "express": [ 5, 8 ], "lcl": [ 26, 35 ] }, "mom_delta": { "sea_40gp": -19.27, "sea_20gp": -19.35, "air": -8.81, "express": -8.44, "rail_40gp": -2 }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 8800, 8500, 9950, 10275, 8175, 6600 ], "air_perkg_usd": [ null, null, null, null, null, null, 9.95, 9.8, 10.55, 10.7, 9.65, 8.8 ], "express_perkg_usd": [ null, null, null, null, null, null, 15.9, 15.65, 16.85, 17.15, 15.4, 14.1 ] }, "market_snapshot": { "items": [ { "label": "Rate decline", "icon": "chart", "status": "stable", "text": "Rates continuing downward — buyer's market for European imports" }, { "label": "Red Sea", "icon": "alert", "status": "tighter", "text": "Cape routing ongoing — transit time premium stable" }, { "label": "Overcapacity", "icon": "container", "status": "stable", "text": "New vessel deliveries increasing capacity — rates under pressure" }, { "label": "EU ETS cost", "icon": "info", "status": "normal", "text": "EU Emissions Trading System surcharges now standard on European routes" } ] }, "narrative_draft": null }, { "id": "china-portugal", "country_slug": "portugal", "country_name": "Portugal", "cluster": "iberian-gateway", "primary_mode": "sea", "recommended_origin": "Shanghai (sea via Sines / Lisbon)", "narrative_angle": "Sines deepwater port, Atlantic gateway for re-export to Africa + Americas", "search_demand": "M", "fbx_drewry_overlap": false, "country_guide_path": null, "rates": { "sea_20gp_usd": [ 3100, 3800 ], "sea_40gp_usd": [ 4950, 6050 ], "sea_lcl_usd_cbm": 54, "air_perkg_usd": 8.4, "express_perkg_usd": 13.4, "rail_20gp_usd": null, "rail_40gp_usd": null, "rail_lcl_usd_cbm": null }, "transit_days": { "sea": [ 25, 26 ], "air": [ 5, 7 ], "rail": [ 12, 13 ], "express": [ 5, 8 ], "lcl": [ 26, 30 ] }, "mom_delta": { "sea_40gp": -19.41, "sea_20gp": -19.3, "air": -8.2, "express": -8.53, "rail_40gp": null }, "series_12mo": { "sea_40gp_usd": [ null, null, null, null, null, null, 7325, 7050, 8275, 8550, 6825, 5500 ], "air_perkg_usd": [ null, null, null, null, null, null, 9.45, 9.3, 10, 10.15, 9.15, 8.4 ], "express_perkg_usd": [ null, null, null, null, null, null, 15.1, 14.9, 16, 16.25, 14.65, 13.4 ] }, "market_snapshot": { "items": [ { "label": "Rate decline", "icon": "chart", "status": "stable", "text": "Rates continuing downward — buyer's market for European imports" }, { "label": "Red Sea", "icon": "alert", "status": "tighter", "text": "Cape routing ongoing — transit time premium stable" }, { "label": "Overcapacity", "icon": "container", "status": "stable", "text": "New vessel deliveries increasing capacity — rates under pressure" }, { "label": "EU ETS cost", "icon": "info", "status": "normal", "text": "EU Emissions Trading System surcharges now standard on European routes" } ] }, "narrative_draft": null } ], "featured": [ { "lane_id": "china-spain", "country_slug": "spain", "country_name": "Spain", "cluster": "iberian-gateway", "selection_reason": "top_mover_up", "selection_value_pct": -19.27, "primary_mode": "sea", "narrative_angle": "Algeciras / Valencia hub for Iberia + North Africa transshipment", "narrative_draft": null }, { "lane_id": "china-portugal", "country_slug": "portugal", "country_name": "Portugal", "cluster": "iberian-gateway", "selection_reason": "top_mover_up", "selection_value_pct": -19.41, "primary_mode": "sea", "narrative_angle": "Sines deepwater port, Atlantic gateway for re-export to Africa + Americas", "narrative_draft": null }, { "lane_id": "china-peru", "country_slug": "peru", "country_name": "Peru", "cluster": "latam-nearshoring", "selection_reason": "top_mover_up", "selection_value_pct": -22.88, "primary_mode": "sea", "narrative_angle": "Chancay megaport just opened — first Chinese-built deep-sea hub on Pacific coast", "narrative_draft": null }, { "lane_id": "china-mexico", "country_slug": "mexico", "country_name": "Mexico", "cluster": "latam-nearshoring", "selection_reason": "top_mover_down", "selection_value_pct": -35.09, "primary_mode": "sea", "narrative_angle": "Nearshoring beneficiary — Manzanillo + Lazaro Cardenas + US-Mexico trade corridor", "narrative_draft": null }, { "lane_id": "china-chile", "country_slug": "chile", "country_name": "Chile", "cluster": "latam-nearshoring", "selection_reason": "top_mover_down", "selection_value_pct": -23.67, "primary_mode": "sea", "narrative_angle": "Copper exporter / lithium triangle gateway via Valparaiso", "narrative_draft": null }, { "lane_id": "china-colombia", "country_slug": "colombia", "country_name": "Colombia", "cluster": "latam-nearshoring", "selection_reason": "top_mover_down", "selection_value_pct": -23.67, "primary_mode": "sea", "narrative_angle": "Buenaventura main gateway, Caribbean access via Cartagena", "narrative_draft": null } ], "calibration": { "methodology": "Lane Tracker publishes a single-forwarder benchmark. Where SINO's lanes overlap with FBX (12 routes E-W) or Drewry WCI (8 routes), we publish a delta vs the public index. For the ~14-16 emerging-markets lanes with no public benchmark (Middle Corridor, East Africa, MENA secondary, SE Asia secondary, Caribbean), no comparable data exists publicly.", "overlap_lanes": [ { "lane_id": "china-brazil", "country_name": "Brazil", "fbx_drewry_route": "China → South America East Coast (FBX)", "sino_midpoint_sea_40gp_usd": 2675, "public_index_value_usd": null, "delta_pct": null, "note": "Public index values fetched manually at publish time (TODO: automate via FBX API + Drewry widget scrape)." }, { "lane_id": "china-mexico", "country_name": "Mexico", "fbx_drewry_route": "China → North America West Coast (FBX, partial proxy)", "sino_midpoint_sea_40gp_usd": 3700, "public_index_value_usd": null, "delta_pct": null, "note": "Public index values fetched manually at publish time (TODO: automate via FBX API + Drewry widget scrape)." }, { "lane_id": "china-chile", "country_name": "Chile", "fbx_drewry_route": "China → South America West Coast (FBX)", "sino_midpoint_sea_40gp_usd": 3225, "public_index_value_usd": null, "delta_pct": null, "note": "Public index values fetched manually at publish time (TODO: automate via FBX API + Drewry widget scrape)." }, { "lane_id": "china-peru", "country_name": "Peru", "fbx_drewry_route": "China → South America West Coast (FBX)", "sino_midpoint_sea_40gp_usd": 2950, "public_index_value_usd": null, "delta_pct": null, "note": "Public index values fetched manually at publish time (TODO: automate via FBX API + Drewry widget scrape)." }, { "lane_id": "china-colombia", "country_name": "Colombia", "fbx_drewry_route": "China → South America West Coast (FBX)", "sino_midpoint_sea_40gp_usd": 3225, "public_index_value_usd": null, "delta_pct": null, "note": "Public index values fetched manually at publish time (TODO: automate via FBX API + Drewry widget scrape)." }, { "lane_id": "china-ecuador", "country_name": "Ecuador", "fbx_drewry_route": "China → South America West Coast (FBX)", "sino_midpoint_sea_40gp_usd": 3225, "public_index_value_usd": null, "delta_pct": null, "note": "Public index values fetched manually at publish time (TODO: automate via FBX API + Drewry widget scrape)." }, { "lane_id": "china-argentina", "country_name": "Argentina", "fbx_drewry_route": "China → South America East Coast (FBX)", "sino_midpoint_sea_40gp_usd": 2600, "public_index_value_usd": null, "delta_pct": null, "note": "Public index values fetched manually at publish time (TODO: automate via FBX API + Drewry widget scrape)." }, { "lane_id": "china-spain", "country_name": "Spain", "fbx_drewry_route": "China → North Europe / Med (FBX, Med proxy)", "sino_midpoint_sea_40gp_usd": 6600, "public_index_value_usd": null, "delta_pct": null, "note": "Public index values fetched manually at publish time (TODO: automate via FBX API + Drewry widget scrape)." } ], "no_benchmark_lanes_count": 1 }, "commentary": { "month": "2025-03", "author": "SINO Shipping desk", "title": "Mexico collapses 35%, LATAM follows down 24%", "lede": "March is the trough of the post-Lunar New Year unwind. Mexico shed 35.09% in a single month, the LATAM cluster sheds another 23–24%, Iberia continues at the same -19% pace.", "paragraphs": [ "China → Mexico sea 40GP shed 35.09% to USD 3,350–4,050 — the largest single-month move in the pool to date and a full collapse of the nearshoring frontload. Manzanillo capacity stayed deployed while forward orders from US-bound shippers thinned; the tariff arbitrage that drove the January firm reversed completely as the policy window cleared.", "The LATAM cluster shed in tight bands. Chile, Colombia and Ecuador each printed -23.67%, Argentina -22.96%, Peru -22.88%, Brazil -23.57%. Five months of single-block behaviour now stretches to six. The 35% Mexico move pulled forward what is normally a longer destocking cycle into a single print.", "Iberia continued at the February pace. China → Portugal -19.41%, China → Spain -19.27%. The two-month cumulative move on the Iberian gateway is now roughly -36%, fully reversing the December and pre-December firm. The cycle is now hunting for a floor — Algeciras transshipment volumes will set it." ], "pull_quote": { "stat": "-35.09%", "caption": "CHINA → MEXICO, SEA 40GP, MOM", "context": "the steepest single-month move in the pool — full frontload reversal" }, "watch_next": [ "Mexico floor — whether April finds support around USD 3,000 or extends below the LATAM cluster.", "LATAM cluster bottom — six months of single-block movement; first divergence would mark the inflection.", "Iberia third leg — two consecutive -19% prints; a third would put Spain near USD 6,000 sea 40GP.", "Brazil ag export window opens April — Santos congestion typically firms inbound rates." ] }, "story": null, "counts": { "countries": 26, "pool_lanes": 9, "featured": 6, "overlap_lanes": 8 } }