23.04.12SCFI Increases for 2 BTB Weeks

As for container exports from China in Week 14, spot rate that had been on the decline for a long time broke away from it due to capacity adjustments by shipping lines that continued to suspend services to address overcapacity. The composite Shanghai Containerized Freight Index (SCFI), an indicator for spot rates for ex-Shanghai Container exports that do not include terminal handling charges (THCs), came to 956.93 points, which picked up 3.6% from the previous week. The index, which improved more greatly than Week 13, has remained on an upward trend for two back-to-back weeks.

Spot rates for containers from Shanghai were favorable across the board on east-west trade routes. They went up 0.9% to $877 per TEU for those to Europe, 1.2% to $1,621 per TEU for those to the Mediterranean, 12.5% to $1,292 per FEU for those to the west coast of North America and 6.8% to $2,147 per FEU for those to the east coast.

On north-south routes, ex-Shanghai spot rates rose 0.5% to $1,092 per TEU for exports to the Middle East Gulf, 5.6% to 1,817 per TEU for those to South America and 1.8% to $2,655 per TEU for those to eastern and western Africa. In contrast, spot rates fell below the $300-per-TEU line for shipments to Australia and New Zealand, plunging 16% to $267 per TEU. Those for containers to southern Africa remained bearish, sliding 0.9% to $1,741 per TEU.

In intra-Asia waters, spot rates for containers from Shanghai to Japan continued to be stable, improving 0.3% to $320 per TEU for those to Kansai and levelling off at $329 per TEU for those to Kanto. On the other hand, they waned 1.5% to $196 per TEU for exports to Southeast Asia and 1.1% to $184 per TEU for those to South Korea.