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Spot rates from Shanghai to US slip

Wednesday, 14 August 2019 | 00:00

Demand continued to be seasonally powerful for exporting containerized shipments from China in the week of Aug. 5. Due to declines in freight rates on the route to and from North America, however, the Shanghai Containerized Freight Index (SCFI) went down 1.1% from the previous week to 822.09 points, unveiled on Aug. 9 by the Shanghai Shipping Exchange (SSE).

On the Europe route, spot rates for shipments from Shanghai, which exclude terminal handling charges (THCs), stood at $810 per TEU, up 0.5%, growing for three weeks in a row, during which a total increase of 20.6 percentage points was made. On the Mediterranean trade, many shipping companies have announced they will impose a peak season surcharges (PSS) on Aug. 15, lifting spot rates by 14.6% to $974 per TEU, which also increased for the third consecutive week. They swelled by a total of 40.3 percentage points during the three weeks.

Due to deteriorations in the trade friction between the U.S. and China, freight rates for services destined to the west coast of North America declined 7.2% to $1,474 per FEU. East coast freight rates fell 5% to $2,660 per FEU.
Source: JIFFA

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