News
The composite China Containerized Freight Index (CCFI) rose 3.4% from the previous week to 1,873.16 points in Week 28, according to a weekly report in container exports from China unveiled by the Shanghai Shipping Exchange (SSE). On the other hand, the composite Shanghai Containerize Freight Index (SCFI) fell 4.3% to 3,184.83 points, ending a 10 consecutive weeks of gains that began in late April.
On the east–west trades, the individual CCFIs were up 3.8% to 1,538.53 points to the west coast of North America, up 2% to 1,632.6 points to the east coast of North America, up 5.9% to 2,429.95 points to Europe, and up 6.1% to 3,151.44 points to the Mediterranean.
On the north–south routes, the CCFIs were down 1.9% to 1,166.43 points to East and West Africa and down 0.5% to 3,144.89 points to the Middle East Gulf and the Red Sea but up 3.9% to 1,416.85 points to Australia and New Zealand, up 4.4% to 1,604.55 points to South America, and up 6.6% to 1,367.46 points to Southern Africa.
Within Asia, the CCFIs were up 0.5% to 959.69 points to Japan and up 1.4% to 1,143.35 points to Southeast Asia but down 6.7% to 616.12 points to South Korea.
Meanwhile, spot rates for container exports from Shanghai decreased across the board on the east–west trades, down 6.2% to $6,219 per FEU to the west coast of North America, down 2% to $8,134 per FEU to the east coast of North America, down 2.51% to $3,332 per TEU to Europe, and down 3.3% to $4,561 per TEU to the Mediterranean.
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.
