News
The composite China Containerized Freight Index (CCFI) stood at 1,086.41 points in Week 39, down 2.9% from the previous week, the Shanghai Shipping Exchange (SSE) announced last week. Meanwhile, the composite Shanghai Containerized Freight Index (SCFI) quoted 1,114.62 points, down 7%, reaching the lowest level in a year and nine months since Dec. 8, 2023.
On the east-west trades, the individual CCFIs were down 4.7% to 1,401.91 points to Europe and 5.6% to 1,649.51 points to the Mediterranean but up 2.4% to 824.82 points to the U.S. West Coast and 0.5% to 960.91 points to the U.S. East Coast.
The CCFIs decreased across the board on the north-south routes, going down 0.3% to 1,120.51 points to Australia and New Zealand, 9.9% to 1,166.06 points to the Middle East Gulf and the Red Sea, 5.1% to 765.88 points to South America, 4.9% to 1,488.09 points to Southern Africa and 1.9% to 956.32 points to East and West Africa.
In the intra-Asia waters, the CCFI picked up 0.8% to 967.16 points to Japan but fell 1.2% to 801.93 points to Southeast Asia and 3.6% to 487.93 points to South Korea.
Meanwhile, spot rates for container exports from Shanghai also declined across the board, sliding 10.8% to $1,460 per FEU to the U.S. West Coast, 6.7% to 2,385 per FEU to the U.S. East Coast, 7.7% to $971 per TEU to Europe, 9.3% to $1,485 per FEU to the Mediterranean, 14.9% to $843 per TEU to the Middle East and 14.6% to $2,133 per TEU to South America.
The CCFI is an indicator for freight rates for container exports from China that are transported on medium- and long-term contracts, which was set at a baseline 1,000 points on Jan. 1, 1998. The SCFI represents spot rates for those from Shanghai that do not include terminal handling charges (THCs), which was set at the same value on Oct. 16, 2009.
