News
The Shanghai Shipping Exchange (SSE) unveiled on March 6 that the Shanghai Containerized Freight Index (SCFI) for the week of March 2 went down a mild 0.5% from the previous week to 871.16 points. Freight rates for exporting containers from China decreased slightly, as more factories had resumed operations, leading to a gradual improvement in transport demand.
On the trade route to Europe, the supply-demand balance improved thanks to growth in container movement and service suspensions by some carriers. Accordingly, the spot rate from Shanghai swelled 3.2% to $830 per TEU. On the route to the Mediterranean, on the other hand, the rate fell 1.4% to $910 per TEUs, as some lines accepted shipment at discount rates.
On the trade to North America, freight movement only recovered slowly. In addition, some shipping companies decreased freight rates mildly. As such, the spot rates for shipments destined to the east coast waned 0.4% to $2,679 per FEU, and for those to the west coast, 2.4% to $1,361 per FEU.
Operators accepted containers at lower rates on the route to the Middle East Gulf, too, lowering the freight rate by 2.7% to $958 per TEU. Containers bound for Australia and New Zealand were moved at a rate of $835 per TEU, which sank 1.6% owing to tonnage oversupply. To South America, transport demand was stable, making the freight rate remain nearly unchanged. The spot rates, in fact, declined a minute 0.1% to $1,580 per TEU.
Demand was so stable for exporting containerized shipments to Japan that the rates for those to Kansai went up 0.5% to $225 per TEU and to Kanto, up 0.4% to $240 per TEU.
