Container Ship Freight Rates Hit Highest for 18 Consecutive Weeks... Approaching $12,000 for US West Coast Route

SCFI Index 4568.15 Up 65.51 Points Compared to Last Week

[Asia Economy Reporter Dongwoo Lee] The Shanghai Containerized Freight Index (SCFI), a representative indicator of container sea freight rates, has risen for 18 consecutive weeks, reaching an all-time high.

According to the shipping industry on the 11th, the SCFI, which aggregates freight rates for 15 container shipping routes, stood at 4568.15 as of the previous day, up 65.51 points from the previous week. This is the highest level since the index began in October 2009.

Freight rates on all routes hit record highs. In particular, rates on the North American routes, which are major routes for domestic exporters, continued to show strength.

The freight rate for the East Coast of the Americas route rose by $83 per 1FEU (12-meter container) to $11,731, marking an all-time high, while the West Coast route also set a new record at $6,322 per FEU, up $56.

During the same period, European route freight rates also rose for the second consecutive week, increasing by $48 to $7,491 per 1TEU (6-meter container) compared to the previous week.

The Asia-Mediterranean route rose by $76 to $7,365 per 1TEU, and the Middle East route also set a new record at $3,941, up $111 from the previous week. The Australia-New Zealand route recorded $4,198, up $44, and the Asia-South America route continued its upward trend, rising by $136 to $10,148.

The securities industry analyzed that the container ship freight index will continue to rise until the end of the year due to ongoing port congestion at major global ports such as North America and increased cargo volume caused by the spread of the COVID-19 Delta variant.

A securities industry official explained, "With the traditional shopping season, including Black Friday, approaching in the second half of this year, freight rates are expected to continue rising for the time being."