News
The Shanghai Shipping Exchange (SSE) announced Friday that the Shanghai Containerized Freight Index (SCFI) fell 4.5% from a week earlier to 821.35 points in the week ended on August 25 due to rate competition among shipping lines.
Spot rates for services from Shanghai to Europe inched up 0.5 percent to US$923 per TEU, while those on the Asia - Mediterranean trade fell slightly by 1.1% to $822 per TEU.
On the trades from Asia to the U.S., spot rates dipped by 7.1% to $1,541 per TEU for shipments bound for west coast ports and by 6.7% to $2,419 for those bound for east coast and gulf ports due to carriers' efforts to retain their respective market shares by cutting rates to beat competitors.
Transshipment (T/S) containers via South Korea were robust in both ways. The nation imported 156,200 TEUs, which climbed 5%, and exported 259,400 TEUs, which rose 5.8%, for a total of 415,600 TEUs, which came up 5.5%.
On a yearly scale, it is projected to exceed the total throughput that it scored in 2016, which was 1,825,986 TEUs, and enjoyed a year-on-year for the second consecutive year.
