Container Ship Freight Rates Rise for 5 Consecutive Weeks... Break Through 4800 Level

SCFI Index Hits Record High at 4810.98
US West Coast Freight Rates Surpass $7,300

Night View of Incheon Port Container Terminal

[Asia Economy Reporter Dongwoo Lee] Global shipping freight rates have risen for five consecutive weeks, breaking the all-time high record again within a week.

According to the shipping industry on the 11th, the Shanghai Containerized Freight Index (SCFI), a global shipping freight rate indicator, was recorded at 4,810.98 points, up 83.92 points from the previous week. This is the first time the SCFI index has surpassed the 4,800 mark since statistics began being compiled in October 2009.

The trans-Pacific West Coast route, a major route for domestic export companies, saw the rate per 1FEU (12-meter container) rise by $281 from the previous week to $7,300, setting a new weekly high again. This route had maintained a steady rate of $6,730 last month but surged by more than $560 within two weeks this month.

The trans-Pacific East Coast route also showed strength for three consecutive weeks, rising by $21 per 1FEU compared to the previous week.

During the same period, the Mediterranean route recorded $7,314 per 1TEU (6-meter container), up $63, and the Europe route also rose for two consecutive weeks, increasing by $10 to $7,597.

Additionally, the Middle East route recorded $3,538 per 1TEU, up $2 from the previous week, and the Australia-New Zealand route remained steady at $4,459, the same as the previous week. In contrast, the South America route fell by $34 to $10,105.

The industry analyzed that the SCFI index's rise in freight rates continues due to prolonged port congestion at major U.S. ports such as LA and Long Beach, caused by the global spread of the Omicron variant of the coronavirus.

A shipping industry official forecasted, "With increased year-end cargo volume due to major Chinese holidays such as the Lunar New Year and Christmas, freight rates are expected to continue rising for the time being."

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