News
The composite Shanghai Containerized Freight Index (SCFI) rose 0.4% from the previous week to 4,554.04 points in Week 45, marking the first year-on-year improvement in five weeks, the Shanghai Shipping Exchange (SSE) has announced. The freight rate indexes made the first increase in seven weeks on the route to the east coast of North America and hiked for four consecutive weeks on the route to the west coast, contributing to the overall appreciation of the composite index.
Meanwhile, the spot rate for container exports from Shanghai to Europe fell 0.1% to $7,560 per TEU, incurring a decline for two back-to-back weeks. That for containers to the Mediterranean dropped 0.9% to $7,207 per TEU, going down for five weeks running.
Congestion at U.S. ports persisted, leading to piling up more unprocessed containers. The average load factors of container carriers from Shanghai were 100% to both the east and west coasts of North America. The freight rates rose 1.5% to $10,589 per FEU for containers to the east coast and 4.2% to $6,730 per FEU for those to the west coast.
