Korea Ocean Business Corporation, Operation of Comprehensive Container Freight Index

[Sejong=Asia Economy Reporter Haeyoung Kwon] The Korea Ocean Business Corporation announced on the 7th that it will pilot the 'Container Freight Composite Index' (KCCI), which is based on the freight rate publication system.

KCCI consists of indices for a total of nine routes departing from Busan Port to representative ports in regions such as North America and Europe, as well as a composite index. Each route index is weighted by factors such as cargo volume, and the composite index applies a weighted average of the route-specific freight indices. Notably, it includes coastal routes originating from Korea to nearby regions such as China, Japan, and Southeast Asia, which were not covered by other freight indices including the Shanghai Containerized Freight Index (SCFI). The freight standard is uniformly standardized to 40-foot containers.

An official from the corporation stated, "During the pilot operation period of KCCI, we will collect industry opinions and consult experts to enhance usability and suitability, and plan to officially announce the freight index on a weekly basis in the second half of this year."

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