Container Ship Freight Rates Soar to Record High of 3495.76

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

According to the shipping industry on the 29th, the SCFI, which aggregates freight rates for 15 container shipping routes, rose by 63.26 points from the previous week to 3495.76. This is the highest level since the index began tracking in October 2009.

The industry analyzed that container ship freight rates are soaring due to an increase in maritime cargo volume as global economic recovery gains momentum and the shipping industry's peak season begins in the second quarter.

Freight rates on the Asia-Europe route rose 4.3% ($237) from the previous week to $5,811 per TEU (one 20-foot container). During the same period, freight rates on the Asia-Mediterranean route increased by $285 (5.2%) to $5,811 per TEU.

On the Asia-North America East Coast route, freight rates rose $112 (1.5%) from the previous week to $7,633 per FEU (one 40-foot container), while the Asia-North America West Coast route saw a decline of $427 (8.8%) to $4,416 during the same period.

As cargo volume increases, domestic shipping companies such as HMM and SM Shipping are deploying additional vessels to support domestic exporters.

HMM will launch the 16,000 TEU ultra-large container ship "HMM Raon" at Busan Port on the 30th. SM Shipping is also reportedly considering additional deployment of a 4,228 TEU container ship, purchased earlier this month, to routes such as the North America West Coast after completing maintenance work including ballast water replacement.

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