News
The Shanghai Containerized Freight Index (SCFI) reached 2,384.4 points in Week 50, which increased 5.67% from the previous week for three consecutive weeks of growth. Spot rates for container exports from China to the U.S. steeply climbed due to shipment made earlier in preparation for a general rate increase (GRI) scheduled for mid-December and pre-Lunar New Year container movement rises.
On the east-west trades, spot rates for container exports from Shanghai fell 2.2% to $3,030 per TEU to Europe and 0.4% to $3,746 per TEU to the Mediterranean. In contrast, they surged 21.6% to $4,023 per FEU to the U.S. West Coast and 11.6% to $5,494 per FEU to the U.S. East Coast.
On the north-south routes, ex-Shanghai spot rates hiked 2.2% to $1,507 per TEU to the Middle East Gulf, 8.6% to $1,922 per TEU to Australia and New Zealand and 0.5% to 4,542 per TEU to East and West Africa. On the other hand, they fell 1.8% to $5,608 per TEU to South America and 1.9% to $3,579 per TEU to Southern Africa.
In the intra-Asia waters, spot rates for ex-Shanghai containers picked up 6.3% to $725 per TEU to Southeast Asia, stayed flat at $138 per TEU to South Korea and waned 0.6% to $307 per TEU to Japan.
The SCFI represents spot rates for container exports from Shanghai that do not include terminal handling charges (THCs), which was set at a baseline of 1,000 points on Oct. 16, 2009.
