Container Freight Rates Rise for 9 Consecutive Weeks... Approaching $9,500 for Trans-Pacific Route

[Asia Economy Reporter Dongwoo Lee] Container ship freight rates have risen for nine consecutive weeks, setting a new all-time high once again. In particular, Asia-North America freight rates continued a steep upward trend, increasing by an average of $80 to $100 or more.

According to the shipping industry on the 10th, the Shanghai Containerized Freight Index (SCFI), which aggregates freight rates for 15 container shipping routes, rose 27.21 points from the previous week to 3932.35. This is the highest level since tracking began in October 2009.

Freight rates on the Asia-North America route, a major route for domestic export companies, showed strength. The East Coast US route freight rate rose $102 per 1FEU (12-meter container) from the previous week to $9,356, setting a new record high, and the West Coast US route also rose $80 per FEU to $5,024, surpassing the $5,000 mark for the first time.

During the same period, the Asia-Mediterranean route rose $91 per 1TEU (6-meter container) to $6,746, and the Middle East route recorded $3,262, rising $146 from the previous week?the largest increase?each setting new all-time highs.

The Australia-New Zealand route increased by $70 to $2,838, and the Asia-South America route also rose by $70 to $9,449 compared to the previous week. On the other hand, the Asia-Europe route, which showed the highest increase last week, fell by $45 per TEU to $6,741 compared to the previous week.

The industry expects the freight rate strength to continue for the time being due to the prolonged COVID-19 situation and the traditionally increased cargo volume in the third quarter. Experts predict that the freight rate upward trend will continue with strong cargo volume in the second half of this year, and the SCFI freight index is expected to exceed 4,000, setting a new all-time high.

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