News
The composite Shanghai Containerized Freight Index (SCFI) closed at 1,732.57 points in Week 12, which declined 2.3% from the previous week and remained on a downward trend for eight weeks in a row, according to the Shanghai Shipping Exchange (SSE). Spot rates for container exports from Shanghai stayed weak due to supply-demand imbalances. The composite index reached 2,239.61 points on Jan. 19, the highest point since the ongoing Red Sea crisis began, and have since plunged 23%.
Looking at ex-Shanghai spot rates on east-west trade lanes, they went down 1.4% to $1,943 per TEU to Europe, 3% to $2,887 per TEU to the Mediterranean, 4.1% to $3,621 per FEU to the U.S. West Coast and 7.8% to $4,842 per FEU to the U.S. East Coast.
On north-south routes, spot rates for container exports from Shanghai increased 6.5% to $1,503 per TEU to the Middle East Gulf and 0.8% to $2,550 per TEU to South America. On the other hand, they decreased 9.4% to $822 per TEU to Australia and New Zealand, 5.6% to $1,683 per TEU to Southern Africa and 1.7% to $2,194 per TEU to Eastern and Western Africa.
Within Asia, ex-Shanghai spot rate levelled off at $158 per TEU to South Korea, fell 0.3% to $288 per TEU to Kansai, Japan and 0.7% to $300 per TEU to Kanto, Japan, and improved 0.4% to $281 per TEU to Southeast Asia.
