"Is Playing Volleyball Getting Harder?" Container Freight Rates Rise for 9 Consecutive Weeks

The Shanghai Containerized Freight Index (SCFI), which indicates the freight rate levels of maritime shipping routes, has continued to rise during the off-season due to the aftermath of the Red Sea incident.

According to the shipping industry on the 7th, the SCFI, which aggregates freight rates for 15 container shipping routes, recorded 3,184.87, up 140.1 points from the previous week. The SCFI has been on an upward trend for nine consecutive weeks since March 29, influenced by the Red Sea incident.

Musk Container Ship
[Photo by Yonhap News, Reuters]

Freight rates on the Americas and Europe routes, which are detouring around the Cape of Good Hope in Africa, also showed an upward trend. The largest share, the West Coast of the Americas route, saw an increase of $41 per 1FEU (one 40-foot container), reaching $6,209.

Freight rates on the East Coast of the Americas also rose by $241 per 1FEU, reaching $7,447. Freight rates on the Europe route increased by $209 from the previous week to $3,949 per 1TEU (one 20-foot container).

The shipping industry analyzed that despite it being the off-season, the prolonged Red Sea incident has kept maritime freight rates on the rise. Additionally, the surge in push-out cargo due to the U.S. tariff hike movement and the reduced traffic through the Panama Canal caused by drought have also fueled the freight rate increase.

This content was produced with the assistance of AI translation services.