Shanghai spot rates rise on U.S. trade, fall to Europe

The Shanghai Containerized Freight Index (SCFI) edged up slightly in Week 36, reaching 1,444.44 points, up 0.04% from the previous week, as Japan International Freight Forwarders Association reported. Spot rates for exports from Shanghai rose on U.S. trade but fell on European routes.

On east-west lanes, rates to Europe dropped 11.2% to US$1,315 per TEU and 8.1% to US$1,971 per TEU to the Mediterranean. Rates to the U.S. West Coast slid 13.8% to US$2,189 per FEU and 7.2% to US$3,073 per FEU to the U.S. East Coast.

In the north-south trades, rates climbed 5.7% to US$3,199 per TEU to South America and showed modest increases to Southern Africa and East/West Africa. Rates fell 3.8% to US$1,519 per TEU to the Middle East Gulf and 0.9% to US$1,131 per TEU to Australia and New Zealand.

Within Asia, rates held steady to Southeast Asia and South Korea but slipped slightly to Japan’s Kansai and Kanto regions.

European rates fell for the sixth consecutive week. Carriers are competing for containers ahead of China’s National Day, keeping pressure on prices. U.S. rates increased for the second week in a row due to capacity adjustments and a general rate increase (GRI), though some market segments still saw low rates.

Future spot rates are expected to fluctuate depending on capacity and demand. The SCFI reflects spot rates for container exports from Shanghai and does not include terminal handling charges.

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