Container Ship Freight Rates Rise for 4 Consecutive Weeks... Surpass 4700 Level for the First Time

SCFI Index 4727.06
Up 125.09P Compared to Last Week

[Asia Economy Reporter Dongwoo Lee] Global shipping freight rates have risen for the fourth consecutive week, reaching an all-time high.

According to the shipping industry on the 4th, the Shanghai Containerized Freight Index (SCFI), a global shipping freight rate indicator, was recorded at 4727.06, up 125.09 points from the previous week as of the day before. This is the first time the SCFI index has surpassed the 4700 mark since statistics began being compiled in October 2009.

Freight rates on the North America route, a major route for domestic export companies, surged by more than $100 to $200.

The West Coast of America route recorded $7,019 per 1FEU (12-meter container), up $289 from the previous week. After remaining steady at $6,730 for the past three weeks, this marks a rebound after three weeks, and it is also the first time the West Coast of America route freight rate has surpassed $7,000.

The East Coast of America route also showed strength for the third consecutive week, rising $196 from the previous week to $10,623 per 1FEU.

During the same period, the Middle East route rose $176 from the previous week to $3,536 per 1TEU (6-meter container), and the Europe route ended a four-week decline by increasing $38 to $7,587.

Additionally, the Mediterranean route was finalized at $7,251 per 1TEU, up $17; the Australia-New Zealand route rose $11 to $4,459; and the South America route increased $2 to $10,139.

The industry analyzed that the SCFI index's upward trend continues due to the global spread of the Omicron variant and ongoing port congestion at major U.S. ports such as LA and Long Beach.

Furthermore, it is expected that freight rates will continue to rise for the time being due to increased year-end cargo volumes, including China’s largest holiday, the Lunar New Year, and Christmas.

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