Container Ship Freight Rate Index Surpasses 4000 for the First Time... European Routes Exceed 7000 Dollars

[Asia Economy Reporter Dongwoo Lee] The Shanghai Containerized Freight Index (SCFI), a representative indicator of container sea freight rates, has once again reached a new high, surpassing the 4000 mark.

According to the shipping industry on the 17th, the SCFI, which aggregates freight rates for 15 container shipping routes, recorded 4054.42 as of the previous day. This is an increase of 122.07 points compared to the previous week. Since its inception in October 2009, this is the first time the index has exceeded 4000.

Freight rates on the Asia-North America route, a major route for domestic export companies, showed strength by rising to around $300.

The freight rate for the East Coast of the Americas route rose by $299 per 1 FEU (12-meter container) to $9,665 compared to the previous week, and the West Coast of the Americas route also set a new record by increasing $310 per FEU to $5,334.

During the same period, the Europe route freight rate rose by $282 to $7,023 per 1 TEU (6-meter container) compared to the previous week. This is the first time the Europe route freight rate has exceeded $7,000.

During the same period, the Asia-Mediterranean route increased by $147 to $6,893 per 1 TEU (6-meter container), and the Middle East route also set a new record by rising $111 to $3,373 compared to the previous week, marking the highest level in a week.

The Australia-New Zealand route rose by $164 to $3,002, surpassing the $3,000 mark for the first time ever. On the other hand, the Asia-South America route fell by $66 to $9,383.

The shipping industry expects the upward trend in freight rates to continue due to the prolonged COVID-19 situation in the third quarter and increased cargo volumes from events such as Black Friday and Thanksgiving in the United States.

A shipping industry official stated, “The increase in cargo volume combined with a shortage of shipping capacity is expected to sustain the upward trend until the end of this year.”

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