SCFI Rises to 3,681.34 Points as South American Freight Rates Drop 8.61%

The Shanghai Containerized Freight Index (SCFI) rose by 1.76 points to 3,681.34 on October 23, according to the latest market report. The increase represented a modest gain of approximately 0.05%, indicating that overall container shipping rates remained relatively stable. However, the market continued to show mixed performance across major trade routes, with some lanes recording declines while others experienced slight increases.

Freight rates on the South American route recorded a significant correction, falling 8.61% week on week to USD 2,531 per TEU. This marked the third consecutive week of decline, reflecting continued downward pressure on the route. Meanwhile, rates on the Middle East route increased slightly by USD 5 to USD 248 per TEU, suggesting limited upward momentum in that market.

On the Europe-related trade lanes, rates showed different trends. The Mediterranean route maintained a relatively stable performance, with rates reaching USD 7,521 per FEU, down 0.05% week on week. In contrast, the European route declined for a second consecutive week to USD 10,388 per FEU, representing a weekly decrease of 0.16%. Although the decline narrowed, the market has yet to show a clear recovery.

The North American market showed modest growth, with freight rates on the U.S. West Coast rising slightly to USD 6,499 per TEU, up 0.39% week on week. Overall, the latest SCFI data highlights an uneven global container shipping market, with rate movements varying by destination. Shippers and importers should continue monitoring route-specific trends, capacity conditions, and carrier pricing when planning upcoming shipments and logistics budgets.