News
The composite China Containerized Freight Index (CCFI) quoted 1,474 points in Week 48, which increased 0.4% from the previous week for five consecutive weeks of growth, according to the Shanghai Shipping Exchange (SSE). Meanwhile, the composite Shanghai Containerized Freight Index (SCFI) stood at 2,233.83 points, which hiked 0.8%. The SCFI came back after two straight weeks of decline.
On the east-west trades, the individual CCFIs rose 0.5% to 2,031.02 points to Europe, 2.8% to 2,466.78 points to the Mediterranean and 1.9% to 1,247.45 points to the U.S. East Coast. In contrast, the index fell 6% to 1,083.23 points to the U.S. West Coast.
On the north-south routes, the CCFIs slid 3.3% to 1,890.14 points to Southern Africa, 2.8% to 1,073.31 points to South America and 0.8% to 1,439.58 points to the Middle East Gulf and the Red Sea. On the other hand, the indices improved 0.1% to 1,524.64 points to Australia and New Zealand and 2.2% to 1,164.52 points to East and West Africa.
In the intra-Asia waters, the CCFIs picked up 9.4% to 928.45 points to Japan, 2.8% to 1,258.76 points to Southeast Asia and 2.8% to 500.87 points to South Korea.
The CCFI, an indicator for freight rates for container exports from China that are transported on medium- and long-term contracts, was set at a baseline of 1,000 points on Jan. 1, 1998. Meanwhile, the SCFI represents spot rates for those from Shanghai that do not include terminal handling charges (THCs), which was set at a baseline of the same value on Oct. 16, 2009.
