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SCFI crosses the US$4,000/TEU mark for the first time in history

The Shanghai Containerized Freight Index (SCFI) has exceeded the US$4,000/TEU point for the first time in history on 16 July, reaching 4,054.42 points, marking a 3.1% increase from the previous week and a week-on-week increase for the 10th week in a row.

SCFI, provided by Shanghai Shipping Exchange (SSE), has achieved several records in 2021, while in May it crossed the US$3,000/TEU milestone for the first time, and in the last week, the index marked its new all-time high.

Additionally, SSE has unveiled that the composite China Containerized Freight Index (CCFI) also hit an all-time record, standing at 2,771.54 points in the last week, growing 2.7% from the previous week and registering a week-on-week improvement for the 13th consecutive week.

According to Japan International Freight Forwarders Association (JIFFA), CCFI fluctuations on east-west routes show that indexes for containers destined to the east and west coasts of North America went down 0.7% to 2,170.8 points and 4.3% to 1,840.64 points, respectively. In contrast, the indexes for those to Europe and the Mediterranean climbed 6.1% to 4,702.86 points and 3.1% to 5,341.5 points, respectively.

Furthermore, on north-south trades, the CCFIs picked up 2% to 3,380.75 points for container exports to the Middle East Gulf and the Red Sea, 8.3% to 1,888.69 points for those to Australia and New Zealand, 5.1% to 2,324.31 points for those to South America, 2.2% to 2,546.5 points for those to southern Africa and 10.5% to 2,086.82 points for those to western and eastern Africa.

Last but not least, on intra-Asia trade routes, the CCFI for containers to Japan rose 0.5% to 911.65 points and for those to Southeast Asia, 2.5% to 1,350.7 points, while for those to South Korea, on the other hand, the index sank 2.9% to 884.8 points, according to JIFFA.

Antonis Karamalegkos
Managing Editor

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