News
The comprehensive KOBC Container Composite Index (KCCI) reached 1,284 points on Monday, which grew 7.09% from the previous week and has continued to increase for three weeks in a row, Korea Ocean Business Corp. (KOBC) announced yesterday. Freight rates for container exports from Busan rose on almost all trade lane but those to Japan and China.
In addition to the comprehensive 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 comprehensive index is the weighted average of indices on the 13 routes, which represent spot rates from Busan that include terminal handling and other charges.
Freight rates for containers from Busan were favorable across the board on east-west trades. They went up 12.06% to $2,035 per FEU to the U.S. West Coast, 5.19% to $2,492 per FEU to the U.S. East Coast, 11.61% to $1,202 per FEU to Europe and 6.19% to $1,766 per FEU to the Mediterranean.
There was a similar trend on north-south trade lanes. Ex-Busan spot rates increased 1.94% to $1,580 per FEU to the Middle East, 8.89% to $1,286 per FEU to Australia, 10.82% to $2,539 per FEU to the east coast of South America, 3.71% to $2,155 per FEU to the west coast of South America and 1.03% to $2,055 per FEU to western Africa.
In the intra-Asia waters, rates for containers from Busan declined 2.86% to $204 per FEU to Japan and 6.67% to $28 per FEU to China. In contrast, they picked up a minute 0.71% to $282 per FEU to Southeast Asia.
