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Shanghai Containerized Freight Index Rises in June 2017

June 30, 2017 12:05 am Published by

After several weeks of little or no movement, the Shanghai Containerized Freight Index (SCFI) experienced a growth spurt in the last week of June 2017. The SCFI comprehensive index jumped by 11.5 percent to 922.22, nearly doubling the reading from one year ago. Analysts agree that this is evidence of much-improved trading conditions across liner trades in 2017.
Unlike conditions in 2016, when carriers were heavily discounting rates to North Europe, carriers now seem to be holding firm on their rates. Influenced by a new round of FAK (freight all kinds) rate hikes and a disciplined intended implementation of peak season surcharges (PSS), spot rates from Asia to North Europe gained 15.1 percent to $1,015 per TEU.

For Mediterranean ports there was a more modest increase of 8.3 percent, to $951 per TEU. The SCFI component for the U.S. west coast saw rates soar by a massive 26.2 percent on the week to $1,378 per 40 foot container. For the U.S. east coast, the SCFI recorded a $343 increase per 40 foot container, a 17 percent jump in spot rates to $2,356. Other notable increases in the SCFI were seen on the Asia to east and west Africa, and South Africa trades where rates jumped by 16.7 percent and 15.7 percent respectively.

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