News
The composite Shanghai Containerized Freight Index (SCFI) quoted 1,198.21 points in Week 38, down 14.3% for three consecutive weeks of decline. Transport demand was not as brisk as usual although China National Day is around the corner. In the midst of subsequent capacity oversupply, competition was intensified among carriers, exercising downward pressure on spot rates on most trade lanes.
On the east-west trades, spot rates for container exports from Shanghai stood at $1,052 per TEU to Europe, down 8.8%; $1,638 per TEU to the Mediterranean, down 5.8%; $1,636 per FEU to the U.S. West Coast, down 22.7%; and $2,559 per FEU to the U.S. East Coast, down 2.7%.
Ex-Shanghai rates decreased across the board on the north-south routes, going down 22.3% to $991 per TEU to the Middle East Gulf, 7.9% to $1,159 per TEU to Australia and New Zealand; 17.3% to $2,497 per TEU to South America, 4% to 2,859 per TEU to Southern Africa and 4.5% to $3,853 per TEU to East and West Africa.
Within Asia, containers were exported at a rate of $422 per TEU to Southeast Asia, up 0.5%; $138 per TEU to South Korea, unchanged; and $321 per TEU to Japan, unchanged.
The SCFI represents spot rates for container exports from Shanghai that do not include terminal handling charges (THCs), which was set at a baseline 1,000 points in 2008.
