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Shanghai rate index rises sharply on all major routes as 2011 ends

THE Shanghai Containerised Freight Index (SCFI) hit a 10-week high of 947.58 points as it closed 2011 on the ever declining rates between Shanghai and most overseas destinations.

According to the SCFI published by Shanghai Shipping Exchange, the spot rates recorded on December 30 between Shanghai and Europe were US$701 per TEU, up $165 per TEU from the previous week. Rates for Shanghai-Med routes were $714 per TEU, up $83 from December 23.

For China-North America routes, rates for Shanghai-US west coast loops were $1,692 per FEU as of December 30, up $268 from the previous week. Also, rates for services to US east coast were $2,892 per FEU, up $363 from December 23.

For China-Middle East loops, rates for services between Shanghai and Dubai were $625 per TEU, up $11 from a week ago on December 23.

For China-Africa routes, rates between Shanghai and east/west Africa (Lagos) were $2,011 per TEU, up $31 from December 23. Also, rates between Shanghai and South Africa (Durban) were $1,025 per TEU, up $32 from a week ago.

For routes from Shanghai to South America, rates were $1,524 per TEU on December 30, up $380 from the previous week.

But 2011's full-year index was still 15.6 per cent lower than the index of 2010, which stood at 1,123 points then.

The fourth quarter also saw slack utilisation most of the time, said Alphaliner, adding that utilisation for Far East-North Europe loops reached its high level only in late December, allowing carriers to implement the peak season surcharge (PSS) of between $200 and $250 per TEU.

But despite the SCFI upturn, the China Containerised Freight Index (CCFI) continued weak in the last week of December, down 1.3 per cent from the previous week to 881.15 points on December 30. Compared to level of 1,054 points at the end of 2010, CCFI has been down 16.4 per cent in the past one year.

"The weakness in the CCFI, which measures carriers' average rates and does not include spot rates filed by freight forwarders, reflects the weak rate environment throughout most of December," said Alphaliner.

The maritime analyst expects the freight rates to remain firm in the following few weeks due to Chinese New Year that will be at the fourth week of January this year. Afterwards, Alphaliner forecasts the rates to fall again in February because of decreasing demand.

Since most Asia-Europe service operators will launch new cooperative services in March, Alphaliner expects rate volatility will intensify in coming months.

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