Container Freight Index Falls for 17 Consecutive Weeks... 'Lowest of the Year'

17 Consecutive Weeks of Decline Due to Decreased Cargo Volume Amid Economic Recession

[Image source=Yonhap News]

[Asia Economy Reporter Kim Young-won] The Shanghai Containerized Freight Index (SCFI), which indicates the freight rate levels of maritime shipping routes, has declined for 17 consecutive weeks due to a decrease in cargo volume amid the economic downturn.

According to the shipping industry on the 14th, the SCFI, which aggregates freight rates for 15 container shipping routes, recorded 1814.00, down 108.95 points compared to two weeks ago.

The SCFI has fallen for 17 consecutive weeks, hitting its lowest point of the year. Compared to the same day last year (4588.07), it has dropped by 60%.

The sharp decline in freight rates on major routes to the Americas and Europe influenced the drop in the freight index. The freight rate for the West Coast of the Americas, which has the highest share, fell by $302 per 1FEU (one 40-foot container), recording $2097.

Freight rates for the East Coast of the Americas also dropped by $343 per 1FEU to $5816, and the European route freight rate fell by $369 to $2581 per 1TEU (one 20-foot container) compared to two weeks ago. All are the lowest figures recorded this year.

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