News
Freight rates for container exports from China continued to fall in Week 35 due to weaker transport demand in line with global economic slowdowns, despite tonnage control by shipping lines. The composite Shanghai Containerized Freight Index (SCFI), which represents spot rates for container exports from Shanghai that do not include terminal handling charges (THCs), slid 9.7% from the previous week to 2,847.62 points owing to severe declines on the routes to the west coast of North America, Middle East Gulf and South America, according to the Shanghai Shipping Exchange (SSE). The composite index has been on the decline for 12 weeks in a row and fell below the 3,000-point line for the first time in 17 months since April 2021.
Spot rates plunged 22.9% to $3,959 per FEU on the trade to the west coast of North America, which have stayed on a downward trend for 16 weeks running, gone down by $1,000 over the last week and plummeted 41% since they peaked. On the trade to the east coast, rates waned 5.5% to $8,318 per FEU, having diminished 45% from their highest point. It draws attention if they can stay above the 8,000-per-FEU line this week.
