News
The composite Shanghai Containerized Freight Index (SCFI) stood at 2,088 points in Week 24, down 6.8% from the previous week, according to the Shanghai Shipping Exchange (SSE). After the U.S. and China agreed to pause reciprocal tariffs for 90 days, shipping capacity increased due to new services and intensive containership deployment on the U.S. West Coast route. As such, competition intensified among shipping companies, leading to a steep fall in spot rates.
On the east-west trades, spot rates for container exports from Shanghai picked up 10.6% to $1,844 per TEU to Europe but fell 3.4% to $3,190 per TEU to the Mediterranean, 26.5% to $4,120 per FEU to the U.S. West Coast and 7.3% to $6,745 per FEU to the U.S. East Coast.
Ex-Shanghai spot rates improved across the board on the north-south routes, going up 8.6% to $745 per TEU to Australia and New Zealand, 8% to $2,085 per TEU to the Middle East Gulf, 19.3% to $4,324 per TEU to South America, 4.2% to $2,397 per TEU to Southern Africa and 3.6% to $4,382 per TEU to East and West Africa.
Within Asia, containers from Shanghai were moved at $455 per TEU to Southeast Asia, up 2%; $315 per TEU to Kansai, Japan, unchanged; $320 per TEU to Kanto, Japan, unchanged; and $136 per TEU to South Korea, down 7.6%.
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 the same value on Oct. 16, 2009.
