Container Ship Freight Rates Rise for 6 Consecutive Weeks... Approaching 4900 Level

SCFI Freight Index Hits Record High at 4894.62
US East and West Coasts Surge by $100-$300

Containers are congested at Pier 4 of Busan New Port International Terminal (HPNT) in Gangseo-gu, Busan.

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

According to the shipping industry on the 18th, the Shanghai Containerized Freight Index (SCFI), a global shipping freight rate indicator, rose by 83.64 points from the previous week to 4894.62 points. This is the highest level since statistics began to be compiled in October 2009.

Freight rates on the major routes for domestic export companies, the East and West Coast routes of the Americas, surged sharply.

The East Coast route of the Americas recorded $10,983 per 1FEU (12-meter container), up $339 from the previous week, marking the highest price again with four consecutive weeks of increase.

The West Coast route of the Americas also rose by $119 per 1FEU to $7,419, soaring by nearly $700 in three weeks.

During the same period, the Middle East route recorded $3,666 per 1TEU (6-meter container), up $128 from the previous week, while the Australia-New Zealand route rose by $31 to $4,490, and the South America route increased by $56 to $10,161.

During the same period, the Europe and Mediterranean routes also continued their upward trend, rising by $6 and $15 per 1TEU respectively, reaching $7,603 and $7,329.

The industry analyzed that the SCFI index's rising trend 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. According to the UK shipping specialized media Lloyd's List, about 100 vessels are currently waiting at LA and Long Beach ports this month.

Experts predict that the congestion, which started at major North American ports, is spreading to Europe and other regions, so the high freight rate phenomenon is expected to continue for the time being.

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