Shipping Index: SCFI Ends Three-Week Decline as U.S. Freight Rates Surge Over 10%

The Shanghai Shipping Exchange released the latest Shanghai Containerized Freight Index (SCFI) today (31), ending a three-week decline with a rebound to 3,205.97 points—an increase of 143.02 points, or 4.67%. Among the four major long-haul routes, European freight rates declined while U.S. routes saw a strong recovery. Notably, freight rates from the Far East to the U.S. East Coast surged by $1,014 per FEU, breaking the $9,000 threshold.

For this week's major routes, Far East to Europe dropped by $116 per TEU to $3,039, a 3.68% decrease. Far East to the Mediterranean fell by $162 per TEU to $4,189, down 3.72%.

In contrast, Far East to U.S. West Coast freight rates jumped by $694 per FEU to $6,229, a sharp increase of 12.54%. Far East to U.S. East Coast surged even more, rising $1,014 per FEU to $9,054, up 12.61%.

Analysts attribute the surge to heightened geopolitical tensions in the Middle East, prompting multiple carriers to impose emergency bunker surcharges starting in August, combined with capacity controls that have driven up demand.

However, freight forwarders caution that the shipping market remains volatile, and visibility into shipping conditions for the fourth quarter of this year remains limited.