News
The composite Shanghai Containerized Freight Index (SCFI) stood at 2109.91 points in Week 8, which declined 2.6% from the previous week, according to the Shanghai Shipping Exchange (SSE). Though remaining high, spot rates for container exports from Shanghai decreased on most trade lanes due to decreases in container movement after the Lunar New Year holidays.
Ex-Shanghai spot rates on east-west routes were down 5.3% to $2,508 per TEU to Europe, 6.5% to $3,465 per TEU to the Mediterranean, 2.9% to $4,691 per FEU to the U.S. West Coast and 5% to $6,127 per FEU to the U.S. East Coast.
On north-south trades, spot rates for exports from Shanghai rose 10.3% to $1,701 per TEU to the Middle East Gulf and 2.2% to $1,912 per TEU to southern Africa. However, they fell 1.2% to $1,213 per TEU to Australia and New Zealand; 1.6% to $2,625 per TEU to South America and 3.3% to $2,397 per TEU to eastern and western Africa.
In the intra-Asia waters, spot rates for ex-Shanghai shipments stayed flat to Japan at $289 per TEU to Kansai and $302 per TEU to Kanto but went down 1.7% to $297 per TEU to Southeast Asia and 0.6% to $155 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), which was set at a baseline 1,000 points on Oct. 16, 2009.
