[Asia Economy Reporter Hyunseok Yoo] Global shipping freight rates have continued to decline for 15 consecutive weeks.
According to the shipping industry on the 24th, the Shanghai Containerized Freight Index (SCFI), a global shipping freight rate indicator, recorded 2072.04 on the 23rd, down 240.61 points from the previous week. It has fallen about 55% compared to the same day last year.
Specifically, freight rates on major routes all declined. The West Coast of America route dropped $366 per 1TEU (6-meter container) to $2,684. The East Coast of America route also fell by $638 to $6,538.
Along with this, the South America route recorded $5,479, down $863. Freight rates for the Mediterranean and Europe routes fell by $528 and $382 to $3,249 and $3,163, respectively. The Middle East route was $988, down $244 from the previous week.
The SCFI showed an upward trend from September 2020. It reached 2,000 points on November 27 of the same year, and 3,000 points on April 30 last year. It then consecutively surpassed 4,000 points on July 17 and 5,000 points on December 31. Afterward, it showed a downward trend, rebounded in May, but has declined for 15 weeks since June 10, reaching the lowest point of the year.
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