3100 at Risk...Global Shipping Freight Rates Drop for 11 Consecutive Weeks

[Asia Economy Reporter Yoo Hyun-seok] Global container shipping rates have fallen for 11 consecutive weeks, dropping to the 3100 level. This is interpreted as being influenced by growing concerns over a global economic recession.

According to the shipping industry on the 28th, as of the 26th, the Shanghai Containerized Freight Index (SCFI), a global shipping rate indicator, recorded 3,154.26, down 275.57 points from the previous week.

The SCFI surpassed the 5100 mark for the first time in history in January. Since then, it declined for 17 consecutive weeks. However, it rebounded on May 20 after 18 weeks and continued its upward trend until June 10. But the SCFI, unable to maintain the upward momentum, has fallen again for 11 consecutive weeks, remaining at its lowest level in 1 year and 3 months since May 7 of last year.

Specifically, the West Coast of America route saw the largest drop, with rates falling $648 to $5,134 per 1FEU (12-meter container). The East Coast of America route also decreased by $191 to $8,801.

Meanwhile, the Europe route dropped $347 to $4,441 per 1TEU. The Mediterranean route fell $412 to $5,071. The Middle East route decreased by $174 to $2,057. The Australia-New Zealand route also declined by $56 to $2,797. The South America route dropped $137 to $8,828.

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