News
The Shanghai Containerized Freight Index (SCFI) stood at 1,772.92 points in Week 11, which went down 6% from the previous week and has been on the decline for seven weeks in a row, according to the Shanghai Shipping Exchange (SSE). Spot rates for container exports from Shanghai decreased on all of the trade lanes from the Chinese port but those in the intra-Asia waters. The SCFI reached 2,239.61 points on Jan. 19, the highest point that it had ever hit since the ongoing Red Sea shipping crisis began.
Looking at ex-Shanghai spot rates on east-west routes, they went down 7.6% to $1,971 per TEU to Europe, 5.1% to $2,977 per TEU to the Mediterranean, 6.5% to $3,776 per TEU to the U.S. West Coast and 6.3% to $5,252 per FEU to the U.S. East Coast.
On north-south trade lanes, spot rates for container exports from Shanghai decreased 10.3% to $907 per TEU to Australia and New Zealand, 11.8% to $1,410 per TEU to the Middle East Gulf, 2.5% to $2,530 per TEU to South America, 2.6% to $1,783 per TEU to southern Africa and 1.5% to $2,231 per TEU to eastern and western Africa.
Within Asia, in contrast, ex-Shanghai spot rates improved 6.8% to $158 per TEU to South Korea and 0.7% to $280 per TEU to Southeast Asia. To Japan, they remained unchanged at $289 per TEU to Kansai and $302 per TEU to Kanto.
