Shanghai Containerised Freight Index off 5.4pc after Golden Week

SPOT ocean freight rates from Shanghai have declined by 5.4 per cent over the last three weeks in the wake of the Golden Week holiday in China.

The Shanghai Containerised Freight Index (SCFI) fell by 74.5 points to 1,301 points on October 15, after the index was suspended for three weeks for the holiday.

A report by Alphaliner said that over the past 12 months, the SCFI has increased by 30.1 per cent from its initial value of 1,000 points in October 2009. It reached a peak at 1,583 points in July 2010 and has since retreated by 17.8 per cent from its peak.

It said freight rates to all the main export destinations from China decreased over the Golden Week holidays, with rates to the Middle East and Europe seeing the largest declines.

The SCFI spot rates to Dubai dropped by 10 per cent to US$829 per TEU and "are now 41 per cent lower than at their July peak" when they reached $1,405/TEU. Rates to Europe also fell by over seven per cent during the last three weeks.
(Source:www.schednet.com)