SCFI ticks up 2.4%

Although the Shanghai Containerized Freight Index remained fairly stable from last Friday, with the overall reading inching up 2.4 percent, rates spiked on the Shanghai to Mediterranean trade.    The Shanghai Containerized Freight Index (SCFI) ticked up 2.4 percent today from last Friday’s reading of 763.06 to a reading of 781.21.
   Last Friday, the index had surged 27.9 percent week-over-week, reflecting Hanjin Shipping’s decision to file for receivership last week.
   Since last week, rates on the Shanghai to Northwest Europe trade slipped 0.6 percent, from $949 per TEU to $943 per TEU. However, on the Shanghai to Mediterranean trade, rates surged 35.3 percent, from $519 per TEU to $702 per TEU.
   In addition, several prominent ocean carriers are issuing rate increases on the Asia to North Europe and Mediterranean trades, which are scheduled to take effect next week. Hapag-Lloyd is increasing “Freight All Kinds (FAK)” rates from East Asia to North Europe and the Mediterranean effective Sept. 15, while CMA CGM announced increased FAK rates on the Asia to Mediterranean trade, also scheduled to take effect Sept. 15. In addition, OOCL issued a general rate increase from Asia (excluding Japan) to North Europe and the Mediterranean effective Sept. 14.
   Meanwhile, since last week, rates on the Shanghai to U.S. West Coast trade inched up 0.2 percent, from $1,746 per FEU to $1,749 per FEU, while on the Shanghai to U.S. East Coast trade, rates also ticked up 0.2 percent, from $2,441 per FEU to $2,447 per FEU.
   Looking ahead, Hapag-Lloyd also issued a general rate increase from Asia to the U.S. and Canada trade, scheduled to take effect Oct. 1.