News
The composite Shanghai Containerized Freight Index (SCFI) stood at 4,625.1 points in Week 10, going down 2.6% from the previous week and trending down for the eighth week in a row, according to the Shanghai Shipping Exchange (SSE).
Spot rates for containerized shipments from Shanghai to Europe were $7,019 per TEU, which fell 5% and remained on the decline for six consecutive weeks. Those for containers to the Mediterranean were $7,073 per TEU, which decreased 5% and stayed on a downward track for five weeks running. Transport demand shrank on these routes due to economic sanctions imposed on Russia.
On the other side of the trans-Pacific trade, port congestion was eased. In China, meanwhile, production was declining. As a consequence, spot rates for exports to the U.S. East Coast sank 0.4% to $10,634 per FEU, going through a downturn for four straight weeks. Those for West Coast-bound shipments came to 8,105 per FEU, which diminished 1.2%.
