News
Demand grew last week in the market for exporting containerized shipments from China, improving the supply-and-demand balance. The Shanghai Shipping Exchange unveiled on July 29 the China Containerized Freight Index (CCFI) for the week was 704.65 points, rising 1.1% from the previous week. Meanwhile, the Shanghai Containerized Freight Index (SCFI) was 745.2 points, which rose a much more robust 18.6%. Shipping lines implemented freight rate hikes, as the busy season had begun in Europe and the U.S.
The average capacity utilization rate for services to Europe was over 95% for the same week. Spot rates—which are ocean freights plus various charges that do not include terminal handling charges (THCs)—for those from Shanghai were US$1,125 per TEU on average, which soared 57.8% from a week earlier. In tandem with fright rate increases in services to Europe, rates for those to the Mediterranean went up, rising 51.2% to $1,004 per TEU.
In the U.S., demand increased last week, as the peak season for importing commodities had begun. Capacity utilization was on average more than 95% for services to the West Coast and more than 90% for those to the East Coast. The average freight rates were $1,322 per FEU for services destined to the West Coast and $1,958 per FEU for those to the East Coast, which grew 2% and 12.3%, respectively.
