News
The composite Shanghai Containerized Freight Index (SCFI), an index reflecting spot rates for container exports from Shanghai that do not include terminal handling charges (THCs), went down 3.8% from the previous week to 3,739.72 points in Week 31, having stayed on the decline for eight weeks in a row, according to the Shanghai Shipping Exchange (SSE). At a time when major economies in the world continued to increase interest rates steeply, raising fears over a business slowdown, freight rates were bearish on all trade routes but that to South America.
On the route to North America, spot rates fell 3% to $6,499 per FEU for container exports to the west coast, which have remained on a downward trend for 12 weeks running. Rates declined 0.2% to $9,330 per FEU for those to the east coast, which have continued to fall for 11 straight weeks. Spot rates waned 4.6% to $5,166 per TEU for those to Europe, which have been weak for the 10th consecutive week. Rates were sluggish for containers to the Mediterranean, too, which dropped 2% to $5,852 per TEU.
