SCFI declines 2.7%

Spot container rates from Shanghai to the Mediterranean have now declined for nine consecutive weeks, according to data from the Shanghai Shipping Exchange’s Shanghai Containerized Freight Index.    The Shanghai Shipping Exchange’s Shanghai Containerized Freight Index (SCFI), an estimate of spot rates published each Friday from Shanghai to 15 regions around the world, fell 2.7 percent from last Friday’s reading of 735.91 to a reading of 715.97.
   Since last week, rates from Shanghai to Europe fell 2.7 percent, from $734 per TEU to $714 per TEU, while rates from Shanghai to the Mediterranean slipped 2.4 percent, from $709 per TEU to $692 per TEU.
   The Shanghai to Europe trade has experienced a rate decline for five consecutive weeks, since standing at $923 per TEU on Aug. 25, while the Shanghai to Mediterranean trade has seen rates decline for nine straight weeks, since standing at $883 per TEU on July 28.
   Meanwhile, rates from Shanghai to both U.S. trades have now experienced declines for two straight weeks.
   Since last week, rates from Shanghai to the U.S. West Coast fell 4.7 percent, from $1,484 per FEU to $1,414 per FEU, while rates from Shanghai to the U.S. East Coast declined 5.4 percent, from $2,105 per FEU to $1,991 per FEU.