Container Ship Freight Rates Rebound After 6 Weeks... SCFI Up 14.74P Compared to Last Week

[Asia Economy Reporter Dongwoo Lee] The Shanghai Containerized Freight Index (SCFI), a global benchmark for container shipping rates, rebounded after six weeks.

According to industry sources on the 3rd, the SCFI stood at 2585.42 as of the previous day, up 14.74 points from the previous week. This marks the first increase in the SCFI since April 19 (2875.93 points), six weeks ago.

The SCFI is calculated by the Shanghai Shipping Exchange based on spot (non-regular short-term transport contracts) freight rates across 15 routes.

At the beginning of last month, the ultra-large container ship Ever Given ran aground, causing navigation through the Suez Canal to be restricted, which led to a rise in freight rates on adjacent routes that pass through the canal.

Freight rates on the Asia-Middle East route rose by $149 per TEU (one 20-foot container) to $1504 compared to the previous week, while rates on the Asia-Mediterranean route also increased by $62 to $3962 during the same period.

The shipping industry's first-quarter performance this year is also expected to exceed forecasts due to the effect of rising freight rates.

According to financial information provider FnGuide, the Korean shipping company HMM is estimated to post first-quarter sales of 2.2179 trillion won and operating profit of 753.4 billion won, up 10.5% and 32.8% respectively from the previous quarter.

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