SCFI remains stagnant from last week

The Shanghai Containerized Freight Index slipped 0.2 percent since last week to a reading of 596.38.    The Shanghai Shipping Exchange’s Shanghai Containerized Freight Index barely moved from last week’s reading of 597.47 to a reading of 596.38.
   On the Shanghai to Northwest Europe trade, rates ticked up 0.6 percent, from $691 per TEU to $695 per TEU, while on the Shanghai to the Mediterranean trade, rates slid 6.9 percent, from $594 per TEU to $553 per TEU.
   Hapag-Lloyd and OOCL are increasing rates on the Asia to North Europe and Mediterranean trade Sept. 1, but lately, such increases have been reluctant to provide any lasting effects for carriers. In addition, CMA CGM is issuing FAK rate increases from Asia to North Europe and the Mediterranean starting Sept. 1, with end validity Sept. 14, the carrier said.
   The Loadstar reported Friday anecdotal reports suggest that spot rates on the Asia to North Europe trade for September are already under pressure. One source told The Loadstar that some prepaid rates being quoted by carriers were down to $700 per 40-foot high-cube, and that in his view, it was “only a matter of time” before these rates fall to $400-$500.
   Meanwhile, rates from Shanghai to the U.S. West Coast slipped 0.5 percent since last week, from $1,159 per FEU to $1,153 per FEU, while rates from Shanghai to the U.S. East Coast dipped 0.6 percent, from $1,694 per FEU to $1,684 per FEU.