News
The composite China Containerized Freight Index (SCFI) quoted 1,710.47 points in Week 26, the Shanghai Shipping Exchange (SSE) announced last Friday. The index rose 7% from the previous week as freight rates for container exports from China increased on most trade lanes. In the second quarter (April–June), the CCFI swelled some 50% to an average of 1,710 points, up 16% year on year.
Meanwhile, the Shanghai Containerized Freight Index (SCFI) stood at 3,239.64 points. The index inflated 3.8% from a week earlier to mark the ninth consecutive week of growth and hit a year-to-date high due to demand and freight rate rises.
Last week, the individual CCFIs picked on across the board. On the east-west trades, they were up 9% to 2,159.05 points to Europe, up 8.5% to 2,884.76 points to the Mediterranean, up 8.9% to 2,338.62 points to the west coast of North America, and up 7.3% to 1,505.28 points to the east coast of North America.
On the north-south lanes, the CCFIs were up 5.7% to 2,951.47 points to the Middle East Gulf and the Red Sea, up 3.6% to 1,309.83 points to Australia and New Zealand, up 10.8% to 1,465.61 points to South America, up 2.7% to 1,239.42 points to Southern Africa, and up 2.3% to 1,122.22 points to East and West Africa.
Within Asia, the CCFIs were up 0.9% to 967.66 points to Japan, up 1.8% to 1,152.56 points to Southeast Asia, and up 0.2% to 656.84 points to South Korea.
The CCFI is an indicator for freight rates for container exports from China that are transported on medium- and long-term contracts, which was set at a baseline of 1,000 points on Jan. 1, 1998. The SCFI represents spot rates for those from Shanghai that do not include terminal handling charges (THCs), which was set at the same points on Oct. 16, 2009.
