Global Shipping Freight Rates Rise... "Shanghai Lockdown Lifted"

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Hyun-seok] The shipping freight index continued its upward trend. This is interpreted as being influenced by the lifting of the lockdown in Shanghai, China.

According to the shipping industry on the 4th, as of the 2nd, the Shanghai Containerized Freight Index (SCFI), a global shipping freight indicator, recorded 4208.01, up 32.66 points from the previous week.

The SCFI surpassed the 5100 mark last January. However, it continuously declined afterward, falling to the 4100 level.

Specifically, among the seven routes, three routes increased. The South America route and the Middle East route rose by $215 and $297 per 1TEU, recording $6702 and $3039 respectively. The Australia-New Zealand route increased by $23 to $3349.

On the other hand, the US West Coast route recorded $7710, down $66. The US East Coast route fell by $274 to $10,231. The Europe route recorded $5855, down $10. Along with this, the Mediterranean route dropped $19 to $6570.

The rebound in shipping freight is interpreted as being influenced by the lifting of the lockdown in Shanghai, China. The Chinese government lifted the lockdown in Shanghai on the 1st. This is expected to increase cargo volume. Last year, the annual container throughput at Shanghai Port was about 47 million TEU, accounting for approximately 17% of China's total cargo volume. Additionally, there is a possibility of a strike by the International Longshore and Warehouse Union (ILWU) at US West Coast ports, which could also lead to an increase in maritime freight rates.

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