Baltic Dry look out - Shanghai Export Container Freight Index launched

SHANGHAI Shipping Exchange (SSE) held a recent launch party for its new Shanghai (Export) Container Freight Index (SCFI) which may yet become as famous as Baltic Dry Index, a Xinhua report suggests.

In 1998, the SSE started the China (Export) Container Freight Index (CCFI) and in and 2001, launched the China (coastal) Bulk Freight Index (CBFI). After a decade of operation, the CCFI is said to be the most scientific and authoritative freight index, second only to the Baltic Dry Bulk Index.

In 2005, SSE developed the Shanghai (Export) Container Freight Index (SCFI). The new SCFI is optimised on the basis of original SCFI with the starting point of 1,000 based on October 16, 2009 calculations.

Freight data is provided by 30 members of a CCFI panel. Each Friday, SSE compiles and publicises the new SCFI and spot rates of 15 individual routes, the Mediterranean, Europe, US west coast, US east coast, Australia/New Zealand, West Africa, South Africa, South America, Persian Gulf, west Japan, east Japan, southeast Asia, Korea, Hong Kong and Taiwan.

The new SCFI directly shows the market freight rates of individual routes, which are more straightforward and understandable to users. All shipping-related enterprises as well as other entities and organs may easily understand the change of freight rates of major shipping routes departing Shanghai, which facilitate users' decision-making and satisfy the demand of container derivatives transaction.

Source: www.schednet.com