SCFI declines 5%

The Shanghai Shipping Exchange’s Shanghai Containerized Freight Index (SCFI) fell 5 percent since last Friday as spot container rates declined from Shanghai to Europe, the Mediterranean and the United States.    The Shanghai Shipping Exchange’s Shanghai Containerized Freight Index (SCFI) fell 5 percent since last Friday’s reading of 774.60 to a reading of 735.91.
   Spot container rates from Shanghai to Europe, the Mediterranean and the United States have all fallen since last week, according to SCFI data.
   Rates from Shanghai to Europe fell 4.6 percent since last week, from $769 per TEU to $734 per TEU, while rates from Shanghai to the Mediterranean slipped 2.9 percent, from $730 per TEU to $709 per TEU. This marked the fourth consecutive week of declines from Shanghai to Europe and the eighth straight week of declines from Shanghai to the Mediterranean.
   Meanwhile, rates from Shanghai to the U.S. West Coast fell 6.4 percent since last week, from $1,586 per FEU to $1,484 per FEU, while rates from Shanghai to the U.S. East Coast tumbled 7.2 percent, from $2,269 per FEU to $2,105 per FEU.
   In addition, SeaIntel Maritime Analysis reported Thursday that in just 11 weeks, spot rates on the volatile Asia-East Coast South America trade, which is one of the longest and costliest trades to service, tumbled from $3,800 per TEU to $2,200 per TEU.