SCFI falls back down to earth

Container spot rates as measured by the Shanghai Containerized Freight Index dipped 4.4 percent since last week, but the Ningbo Containerized Freight Index and the World Container Index both posted comprehensive increases.    The Shanghai Containerized Freight index (SCFI) experienced an overall decline since last week, while the Ningbo Containerized Freight Index (NCFI) and World Container Index (WCI) posted comprehensive increases.
   The Shanghai Shipping Exchange’s SCFI, which is an estimate of spot rates published each Friday from Shanghai to 15 regions throughout the world, dropped 4.4 percent since last week, from on overall reading of 511.99 to a reading of 489.69.
   Rates from Shanghai to Northwest Europe tumbled 14.2 percent since last week, from $339 per TEU to $291 per TEU. In addition, rates from Shanghai to the Mediterranean fell 13.6 percent, from $507 per TEU last week to $438 per TEU.
   However, Hapag-Lloyd of Germany will increase rates from East Asia to North Europe and the Mediterranean effective May 1 by $925 per TEU container, $1,750 per FEU container and $1,850 per FEU high cube container.
   UASC will increase rates from Asia to North Europe effective May 1 by $800 per TEU and $1,600 per FEU, while CMA CGM will increase rates  from the Far East and Japan to the East Mediterranean and Black Sea effective April 22. The French carrier will increase rates by $800 per TEU to the East Mediterranean and Black Sea; and 700 euros per TEU to Syria.
   According to the SCFI, rates also declined from Shanghai to the United States West Coast and East Coast. On the Shanghai to U.S. West Coast trade, rates decreased from $922 per forty-foot container (FEU) last week to $849 per FEU, a 7.9 percent decline; while rates on the Shanghai to U.S. East Coast trade, rates dropped from $1,787 per FEU to $1,732 per FEU, a 3.1 percent decline.
   Meanwhile, the WCI, which includes spot rates from 11 east-west container shipping routes, inched up 2.2 percent since last week, from $849.07 per FEU to $868.06 per FEU. Drewry and ClearTrade Exchange jointly own the WCI, which is published each Thursday.
   In addition, the NCFI, a composite of prices for 20-foot, 40-foot and high cube containers from Ningbo to Europe, the East Mediterranean, West Mediterranean and Middle East, which is published each Friday, experienced increases on all four trades since last week.
   From Ningbo to Europe, the index rose from 200.90 last Friday to 218.10 today, an 8.6 percent increase. On the Ningbo to West Mediterranean trade, the index jumped from 275.65 to 336.90, up 22.2 percent; and on the Ningbo to East Mediterranean trade, the index increased from 281.64 to 336.70, up 19.5 percent. Meanwhile, the index surged 50.1 percent on the Ningbo to Middle East trade, from 344.76 last Friday to 517.64 today.