News
The composite Shanghai Containerized Freight Index (SCFI) turned upward in Week 28, improving 5.1% to 979.11 points, thanks to growth in freight rates for containers to North America, South America and Africa, according to the Shanghai Shipping Exchange (SSE).
Looking at spot rates for container exports from Shanghai on east-west trade lanes, those to North America marked double-digit increases to both the east and west coasts, soaring 12.4% to $2,368 per FEU and 26.1% to $1,771 per FEU, respectively. On the other hand, spot rates marginally decreased to Europe and the Mediterranean, going down 0.1% to $738 per TEU and 0.1% to $1,412 per TEU, respectively.
On north-south routes, ex-Shanghai spot rates rose 1.9% to $2,665 per TEU to South America, 1% to $1,304 per TEU to southern Africa and 0.1% to $2,666 per TEU to eastern and western Africa. In contrast, spot rates waned 11.5% to $1,013 per TEU to the Middle East Gulf and 0.4% to $248 per TEU to Australia and New Zealand.
In intra-Asia waters, spot rates for exports from Shanghai picked up 1.9% to $156 per TEU to Southeast Asia. To Kansai and Kanto in Japan and South Korea, they remained unchanged at $327 per TEU, $335 per TEU and $131 per TEU, respectively.
Meanwhile, the composite China Containerized Freight Index (CCFI) stood at 869.92 points in last week, which fell 1.2% from the previous week and has remained on a downward trend for four consecutive weeks, the SSE announced in the same week.
The SCFI, an indicator for spot rates for container exports from Shanghai that do not include terminal handling charges (THCs), was set at a benchmark of 1,000 points on Oct. 16, 2009, while the CCFI represents freight rates for container exports from China that are transported on medium- and long-term contracts, which was set at the same value on Jan. 1, 1998.
