Reported about 1 year ago
The Shanghai Containerized Freight Index (SCFI) reported a 12.3% increase on the European route, reaching 5,353.02 points, marking a new high for the year. The index has been steadily rising for ten weeks, with a total increase of 151% from April 22nd to July 1st. Main contributing factors include several shipping giants announcing rate hikes for July shipments. This surge reflects tight capacity on the Shanghai to Europe route, with futures prices also reaching record highs. Shipping concept stocks in China saw a collective rise, with rates to European ports soaring to nearly $9,000 per 40-foot container from around $1,500 before the Red Sea supply chain crisis in November 2023.
Source: YAHOO