SCFI slips 6.8%

The Shanghai Shipping Exchange’s Shanghai Containerized Freight Index fell 6.8 percent since last week’s reading of 680.53 to a reading of 634.54.    The Shanghai Shipping Exchange’s Shanghai Containerized Freight Index fell 6.8 percent since last week’s reading of 680.53 to a reading of 634.54.
   Rates from Shanghai to Northwest Europe and the Mediterranean both tumbled since last week, illustrating how general rate increases on these trades are not generating a positive impact.
   Since last week, rates from Shanghai to Northwest Europe fell 10.5 percent, from $861 per TEU to $771 per TEU. Rates from Shanghai to the Mediterranean tumbled 19.2 percent, from $865 per TEU to $699 per TEU.
   Container lines are also beginning to reveal their quarterly results, which have been drastically hindered by the low freight rates. Maersk Line posted a loss of $151 million for the second quarter, while Hapag-Lloyd posted a second quarter loss of $110.9 million. Meanwhile, OOCL’s parent company, OOIL, reported a $57 million loss for the first half of the year.