The Shanghai Containerized Freight Index (SCFI) — a closely watched measure of container shipping spot rates — has just risen for the third week in a row after nine months of continuous declines.
The Shanghai Containerized Freight Index (SCFI) — a closely watched measure of container shipping spot rates — has just risen for the third week in a row after nine months of continuous declines.
The SCFI came in at 1033.65 points on Friday, up 8% week on week (w/w). The China-U.S. West Coast route, which comprises 20% of the index weighting, jumped 29% w/w, to $1,668 per forty-foot equivalent unit.
“Freight rates have rebounded strongly on the back of the mid-April GRI [general rate increase], due mainly to rate increases on the trans-Pacific, Middle East and Latin American routes,” said Linerlytica on Monday.
The SCFI, which specifically measures cargo flows from China, is now up 14% from the cycle low of 906.55 points in the week ending March 10. The index suffered its steepest losses last September. Weekly declines this year (before the recent turnaround) have been muted.
(Chart: Based on data from Shanghai Shipping Exchange)
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