23.08.02SCFI Exceeds 1,000 Points

The composite Shanghai Containerized Freight Index (SCFI) increased 6.5% from the previous week to 1,029.23 points in Week 30, according to the Shanghai Shipping Exchange (SSE). The composite index exceeded the 1,000-point line for the first time since February thanks to increases in spot rates for container exports from Shanghai to Europe, North America and elsewhere.

Ex-Shanghai spot rates improved across the board on east-west trade lanes, with those to Europe, in particular, surging 29% to $975 per TEU, while there was a more modest improvement of 6.8% to $1,503 per TEU to the Mediterranean. Containers bound for the west coast of North America were moved at $1,943 per FEU, up 10.1%, and those for the east coast were carried at $2,853 per FEU, up 6.6%.

On north-south routes, spot rates for containers from Shanghai jumped 23.7% to $318 per TEU to Australia and New Zealand and a much milder 3.2% to $1,334 per TEU to southern Africa. To the Middle East Gulf, in contrast, they plunged 10.6% to $839 per TEU. Spot rates were unfavorable to South America and eastern and western Africa as well, going down 2.6% to $2,513 per TEU and 3.4% to $2,637 per TEU, respectively.

In intra-Asia waters, spot rates for container exports from Shanghai waned 4% to $143 per TEU to Southeast Asia. They stayed flat at $326 per TEU to Kansai, Japan; at $334 per TEU to Kanto, Japan; and at $131 per TEU to South Korea.