Outbound container movement from China remained on a recovery track in the week of Oct. 14, having been massive since the National Day holiday. Freight rates increased on many trade routes. The Shanghai Containerized Freight Index (SCFI) stood at 774.27 points, rising 3.7% from the previous week.
On the route to Europe, tonnage supply decreased due to service suspensions by some carriers. Spot rates for exports from Shanghai grew 2.4% to $594 per TEU. On the trade to the Mediterranean, meanwhile, many operators endeavored to maintain their fright rate standards, while freight rates themselves declined mildly, going down 0.7% to $710 per TEU.
On the North America trade, alliances reduced hauling capacities, but maintained their rates standards. Freight rates to the west coast fell 0.5% to $1,361 per FEU, while those to the east coast went down 1.6% to $2,411 per FEU.
On the route to the Middle East Gulf, shipping lines hiked freight rates in early October, bringing about briskness to the market. As a result, freight rates surged 22.4% to $786 per TEU. Freight rates were lifted by some carriers on the trade to Australia and New Zealand, too, going up 3.8% to $1,164 per TEU.
On the South America route, container movement was stable, while some operator increased rates earlier in the month. They rose 9.3% to $1,965 per TEU.
Freight movement was steady on the route to Japan as well, but freight rates to Kansai sank 4.7% to $223 per TEU, and to Kanto, 0.4% to $235 per TEU.