Container Ship Freight Rates Rise for 7 Consecutive Weeks... US West Coast to East Asia Freight Surpasses $11,000

SCFI Freight Index Hits 4956.02 High
Surge Continues on Europe and South America Routes

[Asia Economy Reporter Dongwoo Lee] Global shipping freight rates have risen for seven consecutive weeks, breaking the all-time high record within a week. Freight rates on the East Coast of the Americas route surpassed $11,000 for the first time.

According to the shipping industry on the 25th, the Shanghai Containerized Freight Index (SCFI), a global shipping freight rate indicator, rose by 61.4 points from the previous week to 4956.02 points. This is the highest level since statistics began in October 2009.

Freight rates on the East Coast of the Americas route, a major route for domestic export companies, surged sharply.

The East Coast of the Americas route recorded $11,351 per 1FEU (12-meter container), up $368 from the previous week, marking the highest price for five consecutive weeks. This is also the first time the East Coast of the Americas route freight rate has surpassed the $11,000 level.

The West Coast of the Americas route also rose by $25 per 1FEU to $7,444, soaring more than $700 in four weeks.

During the same period, the Europe and Mediterranean routes continued their upward trend, recording $7,671 and $7,420 per 1TEU (6-meter container), up $68 and $91 respectively.

Freight rates on the Middle East and South America routes also showed strength. The Middle East route rose by $87 to $3,753 per 1TEU, and the South America route was recorded at $10,297 per 1TEU, up $136.

During the same period, the Australia-New Zealand route was recorded at $4,544, up $54 from the previous week.

The industry analyzed that the prolonged spread of the Omicron variant worldwide and continued port congestion at major North American ports such as LA and Long Beach are sustaining the upward trend in freight rates.

Industry experts forecast, "As the logistics bottlenecks at major ports worldwide have not been resolved, the high freight rate phenomenon is expected to continue for the time being."

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