SCFI soars 9.8%

The Shanghai Containerized Freight Index rose 9.8 percent since last week to a reading of 577.81, as rates from Shanghai to both Northwest Europe and the Mediterranean jumped 36.6 percent and 21.8 percent, respectively.    The Shanghai Shipping Exchange’s Shanghai Containerized Freight Index (SCFI) jumped 9.8 percent since last week’s reading of 526.39 to a reading of 577.81, as rates from both Shanghai to Northwest Europe and the Mediterranean, which together make up 30 percent of the overall index, saw sharp increases.
   Since last week, rates from Shanghai to Northwest Europe surged 36.6 percent, from $527 per TEU to $720 per TEU, while rates from Shanghai to the Mediterranean rose 21.8 percent, from $754 per TEU to $918 per TEU, with many prominent ocean carriers looking to increase rates from Asia to North Europe and the Mediterranean starting June 1.
   Ocean carriers CMA CGM, Hapag-Lloyd, OOCL and “K” Line are looking to increase rates on both trades June 1, while CMA CGM and Hapag-Lloyd plan to increase rates again on both trades June 15.
   In addition, Maersk Line plans to increase rates on the Asia to North Europe trade June 1 and again on June 15.
   Meanwhile, the SCFI saw rates on the Shanghai to U.S. West Coast trade increase 4.6 percent since last week, from $753 per FEU to $788 per FEU. In addition, rates from Shanghai to the U.S. East Coast rose 4.8 percent, from $1,547 per FEU to $1,622 per FEU.