News
The China Containerized Freight Index (CCFI) for Week 9 stood at 1,970.58 points, down 4.3% from the 2,059.52 points registered a week earlier, according to the Shanghai Shipping Exchange (SSE). The Shanghai Containerized Freight Index (SCFI), a composite index for spot rates for containerized shipments from Shanghai, was 2,721.94 points, down 2% from the previous week's 2,775.29 points. The indexes both slid for two weeks in a row.
The CCFI for shipments destined to North Europe fell 3.8% to 3,202.18 points; to the Mediterranean, 7.5% to 3,273.52 points; to the east coast of North America, 4.3% to 1,534.1 points; and to the west coast of North America, 5.8% to 1,336.39 points. The indexes declined from the previous week on all major trades.
As for north-south routes, the CCFI for containers bound for the Middle East Gulf and the Red Sea depreciated 4% to 1,974.65 points; to Australia and New Zealand, 4.6% to 1,510.75 points; to South America, 1.5% to 1,828.89 points; and to the western and eastern Africa, 0.7% to 1,459.78 points. On the other hand, the trade to southern Africa was the only deep-sea route to enjoy an improvement, where the index went up 0.8% to 1,639. 15 points.
On near-sea trades, the CCFI sank 1.9% to 895 points for containers to Japan and more severely for those to South Korea, suffering a double-digit contraction of 21.8% to 1,245.07 points. In contrast, freight rates were stable for those to Southeast Asia, as indicated by the CCFI increasing 1.2% to 1,469.91 points.
