Container Ship Freight Rates Near 3500... Breaking Record Highs Again

[Asia Economy Reporter Dongwoo Lee] The Shanghai Containerized Freight Index (SCFI), which indicates the freight rate levels of maritime shipping routes, has once again reached an all-time high.

According to the shipping industry on the 22nd, the SCFI, which aggregates freight rates for 15 container shipping routes, rose by 89.16 points from the previous week to 3432.50. This is the highest level since the index began in October 2009.

Freight rates on Asia-Europe and Americas routes also hit record highs. The Asia-Europe route freight rate was $5,579 per 1 TEU (one 20-foot container), up $141 from the previous week.

During the same period, the Asia-Mediterranean route freight rate rose by $206 to $5,526 per TEU. The Asia-South America route freight rate also increased by $440, reaching $8,097 per TEU.

The North America East Coast route freight rate rose by $143 from the previous week to $7,521 per FEU (40-foot container), marking seven consecutive weeks of increases this year. The North America West Coast route freight rate increased by $4 to $4,843 per FEU.

Last month, the Port of Long Beach, a major North America West Coast port, handled 746,188 TEUs, a 43% increase compared to the same period last year. This is the first time Long Beach has handled over 700,000 TEUs in a single month of April.

During the same period, the Port of Los Angeles (LA) also recorded 946,966 TEUs, a 37% surge compared to the same period last year, showing nine consecutive months of growth. The total cargo volume at LA port increased by 42% over the first four months of this year compared to last year.

The Baltic Dry Index (BDI), an indicator of bulk carrier freight rates for iron ore, coal, grains, and other bulk commodities, rose to 2869.0 as of the previous day, returning to an upward trend after a day.

The shipping industry expects container ship freight rates to continue rising for the time being, as cargo volumes have surged since the second half of last year amid global COVID-19 recovery, while shipping capacity remains limited.

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