News
The Shanghai Containerized Freight Index (SCFI) stood at 1,745.43 points in Week 14, which picked up 0.8% from the previous week, the first week-on-week improvement in about two months. It was a result of spot rates for container exports from Shanghai decreased on five trade lanes, including one to the U.S., and increased on seven, including one to Europe. From Jan. 19, when the SCFI reached the highest point after the ongoing Red Sea shipping crisis, however, the index was 22% lower.
Ex-Shanghai spot rates went up 0.2% to $1,997 per TEU to Europe and 0.2% to $3,014 per TEU to the Mediterranean. They, on the other hand, went down 2.9% to $3,308 per FEU to the U.S. West Coast and 2% to $4,359 per FEU to the U.S. East Coast.
On north-south routes, spot rates for containers from Shanghai surged 11.6% to $1,894 per TEU to the Middle East Gulf and 10.5% to $3,082 per TEU to South America. To Southern Africa, they rose a milder 5.3% to $1,753 per TEU. In contrast, ex-Shanghai spot rates fell 3.8% to $701 per TEU to Australia and New Zealand and 0.05% to $2,167 per TEU to East and West Africa.
Within Asia, spot rates for exports from Shanghai hiked 2.8% to $296 per TEU to Kansai, Japan, and 1.8% to $302 per TEU to Kanto, Japan; stayed flat at $155 per TEU to South Korea; and sank 0.4% to $283 per TEU to Southeast Asia.
The SCFI is an indicator for spot rates for container exports from Shanghai that do not include terminal handling charges (THCs), set at a baseline 1,000 points on Oct. 16, 2009.
