Reported about 1 year ago
The latest Shanghai Containerized Freight Index (SCFI) for the week ending July 8, 2024, revealed a 13-week consecutive increase, reaching a new high since early August 2022. However, the weekly increase narrowed to 0.52%, showing a noticeable decrease in momentum compared to previous weeks. With European shipping rates possibly peaking, there's concern about a possible downturn in prices, potentially leading to corrections in shipping futures. While rates from the Far East to the US East Coast remain strong, rates on the European route have started to decline, signaling a possible reversal from nine consecutive weeks of increases. The shipping industry's traditionally strong third quarter has seen a weakening in European rates, impacting major players and causing a notable decline in container stocks. This has also affected bulk shipping, with companies like Huya-KY and Xinxing seeing declines and dragging down shipping futures by over 3% on the 8th. In other news, plans for a stock market connectivity program between China and Switzerland are in the works, and developments like TSMC's factory plans in Japan and gains in chemical stocks have also been reported.
Source: YAHOO