23.06.21SCFI Down for 2 Straight Weeks

The composite Shanghai Containerized Freight Index (SCFI) decreased 4.6% from the previous week to 934.31 points in Week 24, remaining downward for two back-to-back weeks, according to the Shanghai Shipping Exchange (SSE). Spot rates for container exports from Shanghai to North America continued to mark decreases of over 10% for two weeks in a row.

On east-west trade routes, spot rates for shipments from Shanghai fell 2.8% to $808 per TEU to Europe and 1.5% to 1,601 per TEU to the Mediterranean. To the west coast of North America, rates slid 13% to $1,207 per FEU, and to the east coast, 13.6% to $2,103 per TEU.

On north-south routes, ex-Shanghai spot rates improved 3% to $2,375 per TEU to South America. On the other hand, there were declines of 3.3% to $1,238 per TEU to the Middle East Gulf, 1.5% to $269 per TEU to Australia and New Zealand, 0.7% to $2,744 per TEU to eastern and western Africa and 1.8% to $1,332 per TEU to southern Africa.

In intra-Asia waters, spot rates for exports from Shanghai all remained unchanged - at $328 per TEU to Kansai, Japan, $327 per TEU to Kanto, Japan, $164 per TEU to Southeast Asia and $140 per TEU to South Korea.

The SCFI is an indicator for ex-Shanghai container export spot rates that do not include terminal handling charges (THCs), which was set at 1,000 points on Oct. 16, 2009.