Shanghai Containerized Freight Index Rises for Second Week by 0.42% to 3,679.58
The Shanghai Containerized Freight Index rose 0.42% to 3,679.58 points on October 16, as European and Mediterranean rates climbed while US routes declined.
The Shanghai Containerized Freight Index (SCFI) rose 15.47 points, or 0.42%, to 3,679.58 points on October 16, marking a second consecutive weekly gain, according to the NStock platform citing the Shanghai Shipping Exchange.
Freight rates to Europe climbed 2.68% to $2,335 per TEU, and jumped 8.26% to $3,250 to the Mediterranean, reflecting stronger demand on European routes.
In contrast, freight rates to the US West Coast fell 0.78% to $7,525 per FEU, and dropped 1.13% to $10,405 to the East Coast.
The platform noted that the index has begun including 40-foot container rates on a number of routes, an adjustment that expands the market measurement scope.
What do these terms mean?
Shanghai Containerized Freight Index: A weekly index issued by the Shanghai Shipping Exchange that measures container shipping rates from Shanghai to major global ports.
Twenty-Foot Equivalent Unit (TEU): A unit of measurement equivalent to a 20-foot container, used to compare cargo volumes and vessel capacities.
Forty-Foot Equivalent Unit (FEU): A unit equivalent to a 40-foot container, widely used in freight pricing on long-haul routes.
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