SCFI drops for seventh week straight

According to Japan International Freight Forwarders Association (JIFFA), the Shanghai Containerized Freight Index (SCFI) fell again in Week 30. It dropped 3% to 1,592.67 points. This marks the seventh straight weekly decline. The index tracks spot export rates from Shanghai. It does not include terminal handling charges.

Rates on east-west routes showed mixed results. Rates to Europe rose 0.5% to US$2,090 per TEU. Rates to the Mediterranean dropped 4.4% to US$2,418. The U.S. West Coast fell 3.5% to US$2,067 per FEU. The East Coast fell harder, down 6.5% to US$3,378.

North-south lanes saw sharper losses. Rates to the Middle East Gulf dropped 12.8% to US$1,152. South America fell 7.8% to US$5,188. East and West Africa slid 0.9% to US$4,321.

A few regions posted gains. Rates to Australia and New Zealand rose 2.8% to US$1,071. Southern Africa climbed 3.9% to $2,961.

Intra-Asia trade stayed mostly weak. Southeast Asia dropped 2.9% to US$429 per TEU. South Korea fell 0.7% to US$135. Japan saw small gains. Kansai rose 0.6% to US$315. Kanto edged up 0.3% to US$324.

The SCFI continues to slide. Soft demand and extra capacity are keeping rates down.

The post SCFI drops for seventh week straight appeared first on Container News.