News
The market for container exports from China rebounded on a small scale in Week 20, thanks to the gradual easing of the lockdown in Shanghai and the recovery of operations at factories and ports. The composite Shanghai Containerized Freight Index (SCFI), an index for spot rates for container exports from Shanghai that do not include terminal handling charges (THCs), picked up 0.4% from the previous week, turning upward for the first time in 18 weeks. On individual routes, the indices either improved or stayed flat but not on those to the west coast of North America as well as eastern and western Africa.
Spot rates for exports to the west coast of North America fell a minute 0.2% to $7,888 per FEU, as a destination shift to east coast ports continued due to congestion at west coast ports. Those for containers to the east coast, meanwhile, remained unchanged at $10,560 per FEU, owing to growth in container movement. Spot rates stayed flat at $5,862 per TEU for exports to Europe, breaking away from a downward trend for the first time in 16 weeks. In contrast, rates increased 0.2% to $6,614 per TEU for those to the Mediterranean.
