News
The composite Shanghai Containerized Freight Index (SCFI), which represents spot rates for container exports from Shanghai that do not include terminal handling charges (THCs), went down 3.7% from the previous week to 3,429.83 points in Week 33, remaining on the decline for 10 weeks running, the Shanghai Shipping Exchange (SSE) has unveiled. Worldwide inflation is applying downward pressure on freight rates, which fluctuated bearishly on all trade routes consequently.
Due to an economic slowdown in the U.S., spot rates from Shanghai fell 6% to $5,782 per FEU on the route to west coast of North America, staying on a decreasing trend for 14 weeks in a row. Spot rates declined for containers to the east coast as well, going down 1.3% to $8,992 per FEU and remaining weak for 13 consecutive weeks.
On the route to Europe, spot rates waned 3.7% to $4,788 per TEU, seeing the 12th straight week of decline. Rates were sluggish on that to the Mediterranean, too, dipping 2.7% to $5,483 per TEU.
Spot rates were also stagnant on north-south trades. Exports to the Middle East Gulf were moved at $2,231 per TEU, down 5.9%; to Australia and New Zealand, at $2,853 per TEU, down 1.7%; and to South America, at $8,965 per TEU, down 2.7%.
In intra-Asia waters, spot rates continued to sag on the route to Southeast Asia owing to economic slowdowns and growth in available shipping space. They dropped 3.4% to $749 per TEU, staying on a downward track for seven straight weeks. Rate fell 1.7% to $289 per TEU for exports to South Korea. In contrast, spot rates on the route to Japan remained stable, levelling off from Week 32 at $316 per TEU for containers to Kansai and $305 per TEU for those to Kanto.
