Container Ship Freight Rates Hit Record High for 17 Consecutive Weeks... US West Coast Exceeds $6,200

Shanghai Containerized Freight Index (SCFI) Strengthens
North America Major Routes Increase by $300~500

[Asia Economy Reporter Dongwoo Lee] The Shanghai Containerized Freight Index (SCFI), a representative indicator of container sea freight rates, has risen for 17 consecutive weeks, reaching an all-time high. Freight rates on the Asia-to-West Coast of the Americas route, a major route for domestic export companies, surpassed $6,000 for the first time ever.

According to the shipping industry on the 4th, the SCFI, which aggregates freight rates for 15 container shipping routes, stood at 4,502.65 as of the previous day, up 117.03 points from the previous week. This is the highest level since the index began in October 2009.

Freight rates on all routes hit record highs. In particular, freight rates on the North American routes, which are key for domestic exporters, showed strong gains.

The freight rate on the East Coast of the Americas route rose by a staggering $510 per 1 FEU (12-meter container) from the previous week, reaching $11,648. The West Coast of the Americas route also rose by $317 per FEU to $6,266, surpassing $6,000 for the first time since records began.

During the same period, the Asia-to-Mediterranean route increased by $164 per 1 TEU to $7,289, and the Middle East route also set a new record, rising $54 from the previous week to $3,830.

The Australia-New Zealand route exceeded $4,000 for the first time, rising $192 to $4,154, and the Asia-to-South America route continued its upward trend, increasing by $12 to $10,012. Freight rates on the Europe route, which had shown weakness for three consecutive weeks, also hit a record high, rising $78 per 1 TEU (6-meter container) to $7,443.

The industry analyzed that the container shipping freight index continues to rise due to persistent port congestion at major global ports such as those on North American routes, caused by the spread of the COVID-19 Delta variant.

A securities industry official explained, "Especially with the upcoming shopping season, including Black Friday in the second half of the year, demand is expected to surge, maintaining the upward trend in freight rates for the time being."

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