News
The composite Shanghai Containerized Freight Index (SCFI) stood at 917.66 points in Week 42, which picked up 2.9% from the previous week, according to the Shanghai Shipping Exchange (SSE). The composite index has been robust and going up for two back-to-back weeks thanks to spot rate rises on north-south trade lanes and in the intra-Asia waters. From the beginning of the year, however, the index was still 14% lower.
On east-west routes, spot rates for container exports from Shanghai went up 3.4% to $581 per TEU to Europe, down 0.3% to $1,109 per TEU to the Mediterranean, up 0.6% to $1,746 per FEU to the U.S. West Coast and down 1.4% to $2,198 per FEU to the U.S. East Coast.
On north-south trade lanes, ex-Shanghai spot rates fell 2.3% to $2,196 per TEU to eastern and western Africa. In contrast, they improved 14.4% to $962 per TEU to the Middle East Gulf, 7.1% to $709 per TEU to Australia and New Zealand, 12.6% to $2,164 per TEU to South America and 3.9% to $1,465 per TEU to southern Africa.
In the intra-Asia waters, containers from Shanghai were exported to Kanto, Japan at $319 per TEU, which remained unchanged. On the other hand, spot rates for those from the Chinese port swelled 0.3% to $307 per TEU to Kansai, Japan; 2.8% to $185 per TEU to Southeast Asia; and 1.4% to $142 per TEU to South Korea.
The SCFI is an indicator for spot rates for container exports from Shanghai that do not include terminal handling charges (THCs), set at a baseline of 1,000 points on Oct. 16, 2009.
