SCFI falls 6.5%

The index fell 6.5 percent from last Friday to a reading of 886.26, largely resulting from sharp declines on the Shanghai to Europe and Mediterranean trades.    The Shanghai Shipping Exchange’s Shanghai Containerized Freight Index fell 6.5 percent from last Friday’s reading of 948.08 to a reading of 886.26.
   Rates sharply declined on the Shanghai to Europe and Mediterranean trades, which combined, hold a 30 percent weight on the overall index.
   On the Shanghai to Europe trade, rates fell 10.8 percent since last Friday, from $1,023 per TEU to $913 per TEU, while on the Shanghai to Mediterranean trade, rates fell 11.3 percent, from $988 per TEU to $876 per TEU.
   Rates from Shanghai to the U.S. West Coast slipped 6.1 percent since last Friday, from $2,092 per FEU to $1,964 per FEU, while rates from Shanghai to the U.S. East Coast fell 5 percent, from $3,639 per FEU to $3,456 per FEU.