The Shanghai Containerized Freight Index (SCFI) fell 14.3% in Week 38, sliding to 1,198.21 points as Japan International Freight Forwarders Association (JIFFA) reported. This marks its third straight weekly decline.
Transport demand stayed weak despite the upcoming China National Day holiday. Oversupply of vessel capacity intensified competition, forcing carriers to slash spot rates on most trade lanes.
On east–west routes, Shanghai-Europe rates dropped 8.8% to US$1,052 per TEU. Mediterranean rates slid 5.8% to US$1,638 per TEU. U.S. West Coast rates plunged 22.7% to US$1,636 per FEU, while U.S. East Coast rates dipped 2.7% to US$2,559 per FEU.
North–south routes saw broad declines. Middle East Gulf rates tumbled 22.3% to US$991 per TEU. Australia–New Zealand fell 7.9% to US$1,159 per TEU. South America dropped 17.3% to US$2,497 per TEU. Southern Africa lost 4% to US$2,859 per TEU. East and West Africa slipped 4.5% to US$3,853 per TEU.
Intra-Asia trades held firmer. Southeast Asia inched up 0.5% to US$422 per TEU. Rates to South Korea and Japan stayed flat at US$138 and US$321 per TEU, respectively.
The SCFI tracks Shanghai export spot rates, excluding terminal handling charges (THCs). It was set at a baseline of 1,000 points in 2008.
