News
The composite Shanghai Containerized Freight Index (SCFI), an indicator for ex-Shanghai container export spot rates that do not include terminal handling charges (THCs), increased 0.35% from the previous week to 909.72 points in Week 11, ending its decline streak in the 10th week. Demand was weak last week, but shipping companies suspended sailings to control capacity.
On east-west trade lanes, spot rates for container exports from Shanghai to Europe and the Mediterranean both rebounded, picking up 1.5% to $878 per TEU and 3.9% to $1,851 per TEU, respectively. In contrast, rates remained bearish on the route to North America, going down 0.2% to $1,161 per FEU to the west coast and 4.8% to $2,088 per FEU to the east coast.
On north-south trades, spot rates from Shanghai improved a minute 0.1% to $879 per TEU for exports to the Middle East Gulf. However, they decreased 1.1% to $277 per TEU for those to Australia and New Zealand and 5.2% to $1,306 per TEU for those to South America. Ex-Shanghai spot rates fell for shipments to Africa as well.
In intra-Asia waters, spot rates for containers from Shanghai stayed flat on the routes to Japan's Kansai and Kanto regions at $328 per TEU. Rates rose 5.6% to $190 per TEU on the route to Southeast Asia but slid 1.5% to $197 per TEU on that to South Korea.
