The Shanghai Containerized Freight index fell 1.9 from last Friday to a reading of 971.64, but the index is still much higher from a year prior.
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The SCFI currently stands at $1,052 per TEU on the Shanghai to Europe trade
The Shanghai Shipping Exchange’s Shanghai Containerized Freight Index (SCFI) fell 1.9 percent from last week’s reading of 990.24 to a reading of 971.64.
From Shanghai to Europe, rates fell 3.1 percent since last week, from $1,086 per TEU to $1,052 per TEU, while from Shanghai to the Mediterranean, rates slipped 2.3 percent, from $1,028 per TEU to $1,004 per TEU.
Meanwhile, rates from Shanghai to the U.S. West Coast fell 2 percent, from $2,211 per FEU to $2,167 per FEU. However, rates from Shanghai to the U.S. East Coast inched up 1.5 percent, from $3,594 per FEU to $3,647 per FEU.
Although spot rates have declined over the past week, the broader picture still illustrates how they have been on the rise, drastically increasing from a year prior, with especially large increases after Hanjin filed for bankruptcy in the third quarter of 2016.
As of Jan. 22 of last year, the overall index stood at a reading of 615.77, with rates from Shanghai to Europe especially low at just $545 per TEU.