News
The Shanghai Containerized Freight Index (SCFI) closed at 2,206.03 points in Week 2, according to the Shanghai Shipping Exchange (SSE). The composite index surged 16.3% from the previous week due to insufficient space supply. Demand is growing as the Lunar New Year is approaching, at a time when the shipping crisis in the Red Sea is escalating. The index has, as such, remained on an upward trend for seven weeks in a row and exceeded the 2,000-point line for the first time in 15 months.
Looking at spot rates for container exports from Shanghai on east-west trade lanes, the went up 8% to $3,103 per TEU to Europe and 11.5% to $4,307 per TEU to the Mediterranean. They were much brisker to those to the U.S., soaring 39.6% to $3,974 per FEU to the West Coast and 47.9% to $5,813 per FEU to the East Coast.
On north-south routes, ex-Shanghai spot rates fell 4.9% to $2,224 per TEU to the Middle East Gulf and 1% to $2,874 per TEU to South America. In contrast, they rose 11.7% to $1,211 per TEU to Australia and New Zealand, 3.7% to $1,805 per TEU to southern Africa and 6% to $2,341 per TEU to eastern and western Africa.
In the intra-Asia waters, spot rates for containers from Shanghai jumped 19.3% to $309 per TEU to Southeast Asia and hiked a much milder 1.4% to $140 per TEU to South Korea. To Japan, on the other hand, they shrank 0.7% to $292 per TEU to Kansai and 0.3% to $300 per TEU to Kanto.
