22.11.16SCFI Down for 21 Weeks Running

Freight rates for container exports from China remained on major trade lanes in Week 45. They returned to levels in July-September 2020 on routes other than those to Japan and elsewhere. The composite Shanghai Containerized Freight Index (SCFI), an indicator for spot rates for containers from Shanghai that do not include terminal handling charges (THCs) fell 9.2% from the previous week to 1,443.29 points, which have remined on the decline for 21 weeks in a row.

Spot rates for containers to the west coast of North America decreased 2.9% to 1,632 per FEU, which have trended down for the 25th straight week. Those for containers to the east coast declined 13.6% to $4,223 per FEU, which have continued to fall for 24 weeks running.

Spot rates waned 16.2% to $1,478 per TEU on the route to Europe, which have stayed on a downward trend for 23 straight weeks. Rates were bearish on the route to the Mediterranean, too, which sank 7.2% to $2,061 per TEU.

Looking at north-south lanes, spot rates slid 8.9% to $1,650 per TEU for exports to the Middle East Gulf, 16.2% to $1,006 per TEU for those to Australia and New Zealand and 22.9% to $2,944 per TEU for those to South America.

In intra-Asia waters, spot rates declined 2.5% to $346 per TEU for containers to Southeast Asia, indicating that economic slowdowns are spreading in the region. Due to service enhancements one after another, in contrast, rates increased 0.6% to $322 per TEU for shipments to Japan's Kansai region and 7% to $318 per TEU for Kanto.