News
The composite China Containerized Freight Index (CCFI) fell 0.2% from the previous week to 1,557.76 points in Week 3, according to the Shanghai Shipping Exchange (SSE). Meanwhile, the composite Shanghai Containerized Freight Index (SCFI) came to 2,130.82 points, down 7% for its first year-on-year decline in seven weeks.
On the east-west trade, the individual CCFIs stood at 2,252.56 points to Europe, down 1.7%; 2,897.4 points to the Mediterranean, up 1.6%; 1,198.07 points to the U.S. West Coast, up 3.4%; and 1,334.74 points to the U.S. East Coast, up 0.3%.
On the north-south trade, the CCFI increased 0.5% to 1,044.75 points to East and West Africa but decreased across the board to the other destinations. More specifically, the CCFI waned 3.2% to 980.6 points to South America, 0.7% to 1,387,96 points to Australia and New Zealand, 4.6% to 1,423.54 points to the Middle East Gulf and the Red Sea; and 4.1% to 1,548.56 points to Southern Africa.
Within Asia, the CCFIs picked up 3.4% to 985.1 point to Japan but slid 1% to 1,226.2 points to Southeast Asia and 3.8% to 490.5 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.
