23.04.05SCFI Remains Weak for 8 Weeks

The composite Shanghai Containerized Freight Index (SCFI), an indicator for spot rates for container exports from Shanghai that do not include terminal handling charges (THCs), picked up 1.7% from the previous week to 923.78 points in Week 13. Freight rates increased in double digits on the routes to the Middle East Gulf and South America, although they were generally weak on others. However, the composite index has remained in the 900-point range for eight weeks since falling below the 1,000-point mark in February.

Spot rates for ex-Shanghai containers decreased 2.4% to $863 per TEU to Europe, 0.2% to $1,602 per TEU to the Mediterranean, 0.6% to $1,148 per FEU to the west coast of North America and 1.4% to $2,010 per FEU to the east coast of North America.

On north-south trades, spot rates from Shanghai surged 16.3% to $1,040 per TEU to the Middle East Gulf and 21% to $1,721 per TEU to South America. On the other hand, they fell 1.9% to $318 per TEU to Australia and New Zealand. Ex-Shanghai spot rates continued to fall to Africa.

In intra-Asia waters, spot rates from Shanghai picked up 2.6% to $199 per TEU to Southeast Asia, 0.3% to $319 per TEU to Kansai, Japan and 0.6% to $329 per TEU to Kanto, but South Korea routes fell 1.1% to $186 per TEU.