SCFI drops 3.3% to 1592.59, marking 7-week decline as US-China tariff fears and weak demand pressure rates, with carriers canceling 175K TEU capacity to stem losses.

Key Developments:Major GRIs Announced:$1,000/FEU: ONE$2,000/FEU: CMA CGM, Yang Ming, ZIM$3,000/FEU: COSCO, HMM, Hapag-Lloyd, EvergreenEffective May 15:June 1: All 7 carriers will reapply identical GRIs.Tariff-Driven Demand Spike:US-China tariff cuts (115% reduction) + 90-day grace period trigger ear