Container Ship Freight Index Hits Another Record High... Approaching 2000?

[Asia Economy Reporter Yoo Hyun-seok] The Shanghai Containerized Freight Index (SCFI), a barometer of maritime freight rates, is hitting record highs every week.

According to the shipping industry on the 13th, the SCFI, which indicates the freight rate levels on maritime shipping routes, recorded 1857.33, rising 192.77 points compared to a week ago.

This is the highest figure since the SCFI began compiling data in October 2009.

The SCFI, which releases new indices every Friday, also recorded a record high of 1664.56 last week.

The industry expects that if this trend continues, the SCFI will soon surpass the 2000 mark.

Maritime freight rates on the US and European routes, mainly used by South Korean export companies, also continued their sharp rise.

The freight rate on the US West Coast route reached $3,887 per 1FEU (one 40-foot container), up $16 from a week ago. This is a record high.

The European route freight rate also rose by $262 from last week to $1,508 per 1TEU (one 20-foot container).

An industry official said, "Major shipping companies have reduced vessel supply due to the impact of COVID-19, and with increased cargo volume during the year-end and New Year season, freight rates are being driven up," adding, "This trend is expected to continue until February to March next year."

This content was produced with the assistance of AI translation services.