Shipping market: At the end of 2023, under the impact of the Red Sea crisis, international shipping prices have been "skyrocketing". The European and American routes that bear the brunt have doubled their freight rates in just one month. After a brief decline in international shipping prices in the first quarter of 2024, they began to gradually rise again at the end of March, and the increase became more intense.
Normally, the shipping market will gradually enter the off-season in the second quarter, and freight rates will also decline. However, the situation this year is different. In the second quarter, the market was not weak during the off-season, and the SCFI index rose for four consecutive weeks.
According to the latest data released by the Shanghai Shipping Exchange on April 26, the Shanghai Export Container Freight Index (SCFI) index rose by 171.09 points to 1,940.63 points last week, a weekly increase of 9.67%. Freight rates on the four major ocean routes have all increased, with the European and American routes increasing by more than 10%.
CCF Observation: According to the freight rates of some routes tracked by CCF, the freight rates have also increased significantly in the past month or so. As of May Day, Ningbo to Egypt (SOK) has risen to around USD4500/40HQ, an increase of 15% from the end of March; The price to Pakistan (Karachi) remained at around USD1900/40HQ, a 73% increase from the end of March; to Indonesia (Jakarta) it rose to around USD1000/40HQ, a 100% increase from the end of March; to Bangladesh (Chattogram) it rose to around USD3100/40HQ , an increase of 138% from the end of March; to Brazil (NAV) rose to around USD6,000/40HQ, an increase of 88% from the end of March.
