The comprehensive Shanghai Containerized Freight Index (SCFI) improved 7.1% from the previous week to 819.63 points in the week of Nov. 18. As the slack season has set in, transport demand is on the decline. However, some operators have reduced tonnage supply, leading to the lower index.
Spot rates from Shanghai to Europe increased 9.1% to $766 per TEU, while those to the Mediterranean grew 6% to $730 per TEU.
On the trade route to North America, spot rates from Shanghai surged 19% to $2,684 per FEU to the east coast and 14.3% to $1,450 per FEU to the west coast. Shipping lines adjusted tonnage supply and lowered fares to keep pace with slowdowns in container movement
Carriers decreased tonnage on the Middle East Gulf, too. Rates from Shanghai went up 8.2% to 835 per TEU. To Australia and New Zealand, in contrast, spot rates plunged 11.9% to $816 per TEU. Those to South America hiked 2.5% to $1,667 per TEU due to a light increase in transport demand.
Container movement to Japan was stable. Freight rates to Kansai climbed 0.4% to $229 per TEU, while those to Kanto remained nearly unchanged at $244 per TEU.