The Shanghai Containerized Freight Index (SCFI) fell 2.9% in Week 46 to 1,451.38 points, according to Japan International Freight Forwarders Association (JIFFA). Spot rates for exports from Shanghai weakened on routes to North America, South America, and Africa. The market moved into the slack season, and supply and demand were out of balance.
On the east–west trades, rates rose 7.1% to $1,417 per TEU to Europe. Rates to the Mediterranean held steady at $2,029 per TEU. Rates dropped sharply on the transpacific. The west coast rate fell 17.6% to $1,823 per FEU, while the east coast rate declined 8.7% to $2,600 per FEU.
On north–south routes, rates increased 2% to $1,805 per TEU to the Middle East Gulf and 7.8% to $1,745 per TEU to Australia and New Zealand. Rates fell 22.1% to $1,691 per TEU to South America, 5.7% to $2,626 per TEU to Southern Africa, and 2.2% to $3,645 per TEU to East and West Africa.
Within Asia, rates increased 3.7% to $531 per TEU to Southeast Asia and 2.2% to $141 per TEU to South Korea. Rates to Japan stayed unchanged at $312 per TEU to Kansai and $321 per TEU to Kanto.
The SCFI tracks spot container freight rates from Shanghai. It excludes terminal handling charges and was set at a base of 1,000 points in 2008.
