Container Ship Freight Rates Fall for 4 Consecutive Weeks... Adjustment Ahead of Year-End

SCFI Index 4535.92
Down 31.36 Points Compared to Last Week

[Asia Economy Reporter Dongwoo Lee] Global shipping freight rates have declined for the fourth consecutive week. Freight rates on major routes for domestic export companies, including the US East Coast and Europe, fell except for the US West Coast route.

According to the shipping industry on the 6th, the Shanghai Containerized Freight Index (SCFI), a global shipping freight rate indicator, recorded 4,535.92 points as of the previous day, down 31.36 points from the previous week.

The freight rate for the US East Coast route was $10,428 per 1FEU (12-meter container), down $26 from the previous week. The East Coast route freight rates have continued to weaken for six weeks following the announcement by French global shipping company CMA-CGM and others to freeze all irregular short-term freight rates until February next year.

During the same period, the Europe route freight rate was $7,637 per 1TEU (6-meter container), down $56 from the previous week. The Mediterranean route was $7,269 per 1TEU, down $46, and the Middle East route was $3,459 per 1TEU, down $125.

During the same period, the Australia-New Zealand route also continued its weakness, falling $13 to $4,474 per 1TEU, and the South America route dropped $64 to $10,135.

On the other hand, the US West Coast route, a major route for domestic export companies, rose for the second consecutive week, increasing $47 to $6,461 per 1FEU.

The industry expects that the SCFI index has entered a correction phase after rising for several months. However, since logistical bottlenecks at major North American West Coast ports still persist, the shipping freight rate strength is expected to continue for the time being.

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