Container Ship Freight Rates Hit New High Again in 2 Weeks... European Route Surpasses $7,700

SCFI Index 4647.60
Up 33.50 Points from Last Week
Europe Route Surges by $176

[Asia Economy Reporter Dongwoo Lee] Global shipping freight rates have rebounded after a brief adjustment, reaching a new all-time high in two weeks.

According to the shipping industry on the 9th, the Shanghai Containerized Freight Index (SCFI), a representative indicator that aggregates freight rates for 15 container shipping routes, recorded 4647.60 points as of the previous day, rising 33.50 points from the previous week to set a new record high.

Freight rates on major routes for domestic export companies, including the Europe route and the U.S. West Coast route, surged sharply.

The Europe route freight rate rose by $176 from the previous week to $7,714 per 1 TEU (6-meter container). This is the first time the Europe route freight rate has surpassed $7,700. During the same period, the North American West Coast route freight rate recorded $6,371 per 1 FEU (12-meter container), ending a three-week flat trend with a $49 increase.

Freight rates on the Australia-New Zealand route also increased by $13 from the previous week to $4,418 per 1 TEU, while the Mediterranean and South America routes each rose by $4 per 1 TEU, recording $7,448 and $10,226 respectively.

On the other hand, the U.S. East Coast route freight rate fell by $136 from the previous week to $11,114 per 1 FEU, showing a weak trend for two consecutive weeks. The Middle East route also dropped by $3 to $3,859 per 1 TEU.

The industry analyzed that the SCFI index returned to an upward trend after two weeks due to increased cargo volume caused by the spread of the COVID-19 Delta variant and ongoing port congestion at major North American ports. In particular, with the peak season approaching, including year-end Black Friday, it is expected that freight rate strength will continue until the end of the year as it is difficult to expand container ship supply in a short period.

Namansik, a researcher at Ebest Investment & Securities, said, "The bottleneck at U.S. West Coast ports is worsening, resulting in low container turnover rates," adding, "As the shortage of container ships continues, the SCFI freight rate strength is expected to persist."

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