News
The composite China Containerized Freight Index (CCFI) quoted 1,515.07 points in Week 1, up 2.2% from the previous week for a year-on-year rise for the fourth consecutive week, the Shanghai Shipping Exchange (SSE) announced last week. Meanwhile, the composite Shanghai Containerized Freight Index (SCFI) stood at 2,505.17 points, up 1.8% for a year-on-year increase for the sixth week in a row.
On the east-west trades, the individual CCFIs came to 2,288.2 points to Europe, up 0.3%; 2,828.74 points to the Mediterranean, up 3.4%; 1,092.55 points to the U.S. West Coast, up 9.6%; and 1,237.49 points to the U.S. East Coast, up 1.3%.
On the north-south routes, the CCFIs fell 1.3% to 1,641.24 points to Southern Africa, 0.3% to 1,093.78 points to East and West Africa and 0.1% to 1,440.5 points to the Middle East Gulf and the Red Sea. In contrast, the CCFIs improved 2.9% to 1,365.02 points to Australia and New Zealand and 0.6% to 1,016.71 points to South America.
In the intra-Asia waters, the CCFI slid 0.5% to 1,293.45 points to Southeast Asia but picked up 1% to 964.6 points to Japan and 6.4% to 537.33 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.
