Saturday, June 21, 2025
Home Most Popular US West Coast port deal eases strike tensions as SCFI and FBX...

US West Coast port deal eases strike tensions as SCFI and FBX indices follow WCI

The closure of the past week saw two strings of activities on either side of the globe. The US West Coast Port union strike looms were dissipated to a great extent following intervention from the US authorities, despite hold-up of cargo worth US$5.2 billion and trucks in piles at ports.

Ports, such as Seattle, displayed 10-day congestion at the port even as ports, such as Los Angeles and Long Beach, saw some ease-off. On the other end, in China, the People’s Bank of China reduced the rate on one-year medium-term lending facility (MLF) loans, totalling 237 billion Chinese yuan (US$33 billion), by 10 basis points.

The rate cut, its first in 10 months was done on the expectations to re-induce some demand in the economy and ease factory deflation to an extent. Whether the extent of these played into rates and the global freight market and how they will play remains to be seen.

However, the Shanghai Containerized Freight Index (SCFI) on its latest quote as of 16-June 2023, followed the Drewry World Container Index to take a nearly 5% dip to end at 933, while the long-term counterpart in the China Containerized Freight Index (CCFI) momentarily snapped its losing streak to end the weak about 0.6% higher at 926.63.

The Freightos Baltic Index (FBX) which has been underperforming, continued its streak to fall below US$1,400 to end at US$1,399 ending lower by 3%. The downside for the week was led primarily by Europe- South America West Coast rates which broke its rangebound trade to end at US$3,475- a surprising 14% drop. It has to be noted that the trade lane rate (as per Freightos) was always north of US$4,000 over the last two years.


Author of the article: Gautham Krishnan

Gautham Krishnan is a logistics professional with Fluor Corporation, in the area of project logistics and analytics, and has worked in the areas of Project Management, Business Development and Government Consulting





Latest Posts

Vigor Marine Group’s consolidation signals US push to counter China’s shipbuilding dominance

In a bold move to strengthen America’s maritime capabilities, five leading US ship repair and marine service providers have united under a single banner. This...

AI reshape shipping operations

The integration of artificial intelligence into shipping operations, is poised to transform competition in the maritime industry by enhancing efficiency, safety, and sustainability while...

From risk to reliability: The case for specialist freight partners

The freight forwarding landscape is increasingly complex. Importers and exporters are navigating a minefield of shifting customs regulations, stricter environmental pressures, and a rapidly...

Calling Up Innovation: How Large-Format 3D Printing Is Changing the Manufacturing Game

The manufacturing industry has always been at the forefront of adopting new technologies to improve efficiency, reduce costs, and expand creative possibilities. In recent...

Streamlining Lifting Operations: Why Jib Cranes Are Essential for Compact Workspaces

Lifting and moving heavy loads is a critical function in many industrial and commercial settings. Whether in manufacturing plants, warehouses, or workshops, efficient material...
error: Content is protected !!