News
The composite China Containerized Freight Index (CCFI) closed at 889.52 points in Week 33, which rose 1.7% from the previous week and has remained on an upward path for three weeks in a row, the Shanghai Shipping Exchange (SSE) unveiled last Friday.
On individual trade lanes, the CCFIs picked up across the board on east-west lanes, up 5% to 1,128.49 points to Europe, up 1.5% to 1,556.71 points to the Mediterranean, up 2.9% to 754.56 points to the U.S. West Coast and up 2.9% to 905.5 points to the U.S. East Coast.
The CCFI went down 4.9% to 854.99 points to the Middle East Gulf and the Red Sea, the only north-south route to suffer an index decline. On the other hand, the CCFIs were favorable, up 2.3% to 623.82 points to Australia and New Zealand, up 2% to 713.21 points to South America, up 2.6% to 723.29 points to southern Africa and up 2.6% to 607.01 points to eastern and western Africa.
In intra-Asia waters, the CCFIs picked up 2.6% to 435.18 points to South Korea but were unfavorable to the routes to Japan and Southeast Asia, down 4.4% to 753.66 points and down 0.8% to 546.78 points, respectively.
Meanwhile, the composite Shanghai Containerized Freight Index (SCFI) fell 0.2% to 1,031 points, incurring the first week-on-week contraction in four weeks.
The CCFI, an indicator for freight rates for container exports from China that are transported on medium- and long-term contracts, was set at a baseline of 1,000 points on Jan. 1, 1998, while the SCFI indicates spot rates for ex-Shanghai container exports that do not include terminal handling charges (THCs), which was set at the same points on Oct. 16, 2009.
