News
The composite Shanghai Containerized Freight Index (SCFI) stood at 2,045.45 points in Week 4. Demand weakened on trunk trade lanes with the Lunar New Year holiday being around the corner, leading to overcapacity. As such, the composite index declined 4% from the previous week for a week-on-week contraction for three consecutive terms.
On the east-west trade, spot rates for container exports from Shanghai went down 5.8% to $2,147 per TEU to Europe, 16.2% to $3,207 per TEU to the Mediterranean, 2.7% to $4,116 per FEU to the U.S. West Coast and 3.1% to $5,776 per FEU to the U.S. East Coast.
On the north-south trade, ex-Shanghai spot rates fell 7.4% to $1,478 per TEU to Australia and New Zealand, 7.7% to $1,210 per TEU to the Persian Gulf and the Red Sea, 10.2% to $3,863 per TEU to South America, 2.3% to $3,146 per TEU to Southern Africa and 0.9% to $4,213 per TEU to East and West Africa.
Within Asia, container exports from Shanghai were carried at $524 per TEU to Southeast Asia, down 7.1%; $305 per TEU to Kansai, Japan, unchanged; $308 per TEU to Kanto, Japan, unchanged; and $139 per TEU to South Korea, unchanged.
