SCFI Index 4554.04
Up 18.12 Points Compared to Last Week
[Asia Economy Reporter Dongwoo Lee] Global shipping freight rates have stopped their four-week decline and rebounded.
According to the shipping industry on the 13th, the Shanghai Containerized Freight Index (SCFI), a global shipping freight rate indicator, recorded 4,554.04 points as of the previous day, up 18.12 points from the previous week.
Freight rates on major routes for domestic export companies to the U.S. East and West Coasts rose significantly. The U.S. East Coast route was $10,589 per 1FEU (12-meter container), up $161 from the previous week, and the U.S. West Coast route also surged by $269 to $6,730 per 1FEU during the same period.
The industry interprets this as a result of worsening congestion where ships are waiting to unload at major North American ports. As port congestion intensifies, additional costs due to container unloading delays are leading to freight rate increases.
On the other hand, freight rates on European routes fell for the second consecutive week, dropping $77 to $7,560 per 1TEU (6-meter container) compared to the previous week. The Mediterranean route decreased by $62 to $7,207 per 1TEU, and the Middle East route also declined by $98 to $3,361 per 1TEU.
Additionally, the Australia-New Zealand route was down $22 to $4,452 per 1TEU, and South America fell $4 to $10,131.
Although the SCFI index has been in a correction phase since last month, freight rates are expected to remain strong for the time being ahead of the year-end. Logistics bottlenecks at major global ports are prolonging, and especially with the year-end shopping season such as Black Friday, cargo volumes are expected to surge.
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