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Eight consecutive rises! Freight rates continue to soar! Enterprises rush to grab empty boxes and buy self-provided boxes.

Jun 04,2024

The latest Shanghai Freight Index (SCFI) released by the Shanghai Shipping Exchange on May 31 was 3044.77 points, up 12.63 percent from the previous period, achieving "eight consecutive increases" and breaking the 3000-point mark in one fell swoop. Among them, the U.S. and African routes have the most significant increase, up nearly 57% in a month.

Specifically, the freight rate from Shanghai to the U.S. West was $6168/FEU, up $979, or 18.87 percent for the week, while the freight rate from Shanghai to the U.S. East was $7206/FEU, up $724, or 11.17 percent for the week. The freight rate from Shanghai to Europe was 3740 US dollars/TEU, up 331 US dollars, up 9.71 percent for the week. The freight rate from Shanghai to the Mediterranean was 4720 US dollars/TEU, up 472 US dollars, up 11.11 percent for the week.

It is worth noting that the freight rates of the United States West and the United States East broke through the $6000 and $7000 mark respectively.

In addition, freight rates from Shanghai to West Africa, South Africa and South America also rose sharply by US $799, US $936 and US $343 respectively.

In the case of soaring freight rates and continued tight capacity, the "one box is hard to find" situation continues. At present, empty boxes have to be robbed quickly, and some enterprises have begun to buy self-contained boxes to cope with the shortage.

In the last three months, the price of second-hand containers has risen significantly. The person in charge of a freight forwarding company in Yiwu, Zhejiang, said that buying a high box at the beginning of the year was about 15000 yuan, but now it has risen to 23000 yuan.

It is understood that the tight supply of containers is mainly due to the diversion and delay of ships caused by the situation in the Red Sea, as well as the launching of a large number of new ships and the increase in container demand. In order to meet the demand of foreign trade enterprises and improve the efficiency of container use, some shipping enterprises shorten the time of extracting empty containers from 48 to 72 hours to 24 hours.

In addition, customs and other departments are also constantly improving the speed of empty container inspection and release. Enterprises can use the "ship side direct lift" mode to quickly handle empty container customs clearance procedures.

Deputy Chief of the Logistics Supervision Division I of Daxie Customs, a subsidiary of Ningbo Customs, said: "Shipping companies will transfer empty containers from various ports as needed. We will speed up the processing of their applications for transfer and check and release them as soon as possible to speed up the flow of empty containers at ports."

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