Transpacific Container Ship Freight Rates Surpass $7,000... Record High Achieved

[Asia Economy Reporter Dongwoo Lee] The Shanghai Containerized Freight Index (SCFI), which indicates the freight rate levels of maritime shipping routes, has shown strength by exceeding the 3000 mark for two consecutive weeks.

According to the shipping industry on the 9th, the SCFI, which aggregates freight rates for 15 container shipping routes this week, recorded 3095.16, down 5.58 points from the previous week. The SCFI has maintained an upward trend for more than six months since November last year.

Freight rates on the trans-Pacific and European routes, mainly used by domestic export companies, are also at record highs.

The trans-Pacific eastbound freight rate rose by $617 per 1FEU (one 40-foot container) from the previous week to $7,036, setting a new all-time high. The European route freight rate increased by $48 from the previous week to $4,678 per 1TEU (one 20-foot container).

The industry analyzed that since the prolonged COVID-19 situation, the increase in cargo volume from the second half of last year and the resulting congestion at major ports have driven up freight rates.

Experts predict that shipping cargo volume will increase in the second and third quarters compared to the first quarter, and the freight rate rise will continue through the second half of this year.

Meanwhile, to resolve the shortage of shipments for domestic export companies, the government is considering additional orders for HMM, the largest domestic shipping company. HMM is reportedly in discussions with major domestic shipbuilders such as Korea Shipbuilding & Offshore Engineering and Samsung Heavy Industries to order 12 container ships of 13,000 TEU class.

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