After the Lunar New Year, shipping demand decreased, causing freight rates to drop across major ocean routes. The Europe route experienced the largest decline, falling 15.93%. The Shanghai Containerized Freight Index (SCFI) also dropped 7.27%, breaking below 2,000 points for the first time in weeks. Freight rates on West Coast and East Coast routes dropped by more than 4%. However, they stayed stable because shipping companies controlled their capacity. Experts predict that European rates may continue to fall in mid-to-late February. Asia-to-U.S. spot rates look good for now. However, long-term contract rates are still being negotiated and remain high.