Spot rates fall back as boost from Hanjin bankruptcy subsides

The Shanghai Containerized Freight Index fell 7.6 percent from last week to a reading of 794.10, as the short-term boost spot rates experienced in recent weeks from Hanjin filing for bankruptcy have now subsided.    Container spot rates as measured by the Shanghai Containerized Freight Index (SCFI) on Friday fell across the board compared to the previous week, as the short-term boost spot rates experienced in recent weeks following Hanjin Shipping filing for receivership in Korean Bankruptcy Court seems to have subsided.
   The overall SCFI, which tracks outbound spot freight rates from Shanghai to 15 destinations around the world, slipped 7.6 percent (60.54 points) from last week to a reading of 794.10.
   Prices slid slightly on the transpacific trade between China and the United States, but the drop was much more drastic in the Asia-Europe trades.
   Spot rates from Shanghai to the U.S. West Coast slipped $16 (0.9 percent) compared with the previous week to $1,726 per 40-foot container (FEU), while to the U.S. East Coast, rates fell just $14 (0.5 percent) to $2,433 per FEU.
   From Shanghai to Northwest Europe, however, the rate was pegged at $764 per TEU, down $202 (26.4 percent) from last Friday; while to the Mediterranean, the rate was estimated at $667 per TEU, down $193 (22.4 percent).