News
The latest KOBC Container Composite Index (KCCI) closed at 1,157 points on Monday, which went down 1.1% from a week earlier and has continued to fall for seven consecutive weeks, according to Korea Ocean Business Corp. (KOBC). Freight rates for container exports from Busan slightly improved to the Middle East and remained unchanged to the U.S. West Coast. To other destinations, in contrast, they decreased across the board.
In addition to the composite index, KOBC also unveils indices for per-FEU spot rates on the 13 major trade routes from Busan, including those to North America and Europe. The composite index is the weighted average of indices on the 13 routes, which represent spot rates from Busan that include terminal handling and other charges.
Looking at spot rates for ex-Busan container exports on individual trade lanes, they stayed flat at $1,768 per FEU to the U.S. West Coast but decreased 0.43% to $2,340 per FEU to the U.S. East Coast, 2.82% to $1,070 per FEU to Europe and 4.1% to $1,648 per FEU to the Mediterranean.
Spot rates for containerized shipments from Busan increased a minute 0.41% to $1,483 per FEU to the Middle East but declined 0.92% to $1,080 per FEU to Australia, 0.34% to $2,055 per FEU to the east coast of South America, 1.49% to $1,853 per FEU to the west coast of South America, 0.46% to $1,526 per FEU to southern Africa and 3.41% to $2,098 per FEU to western Africa.
Within Asia, ex-Busan rates fell 2.56% to $38 per FEU to China, 1.46% to $203 per FEU to Japan and 2.2% to $267 per FEU to Southeast Asia.
