News
The composite China Containerized Freight Index (CCFI) stood at 894.66 points in Week 34, which picked up 0.6% from the previous week and has continued to rise week on week for four consecutive weeks, according to the Shanghai Shipping Exchange (SSE).
On individual trade lanes, the CCFIs fell 1.6% to 1,110.98 points to Europe, 0.7% to 1,545.57 points to the Mediterranean and 0.1% to 904.8 points to the U.S. East Coast but improved 3% to 776.9 points to the U.S. West Coast.
On north-south routes, the CCFI went down 2.2% to 707.62 points to southern Africa. In contrast, the indices were favorable to other destinations, going up 3.9% to 648.14 points to Australia and New Zealand, 5.8% to 904.35 points to the Middle East Gulf and the Red Sea, 2% to 707.74 points to South America and 0.3% to 608.74 points to eastern and western Africa.
In intra-Asia waters, the CCFI was brisk to Japan, hiking 3.6% to 783.26 points, but to South Korea and Southeast Asia, the indices fell 1.4% to 429.21 points and 3.7% to 526.76 points, respectively.
On the other hand, the composite Shanghai Containerized Freight Index (SCFI) closed at 1,013.78 points, which fell 1.7% and has remained on a downward trend for two weeks in a row.
The CCFI is an indicator for freight rates for container exports from China that are transported on medium- and long-term contracts and was set at a baseline value of 1,000 points on Jan. 1, 1998. Set at the same value on Oct. 16, 2009, meanwhile, the SCFI is an indicator for spot rates for container exports from Shanghai that do not include terminal handling charges (THCs).
