Shanghai Container Shipping Rates Rise; Dry Bulk, Tanker Rates Weaken, Jefferies Says

MT Newswires Live12-18

Container spot freight rates, as measured by the Shanghai containerized freight index (SCFI), rose 5.7% week over week to 2,384 points last week, Jefferies said in a Sunday release.

The SCFI is derived from spot rates supplied by non-vessel-operating common carriers for container exports originating in Shanghai.

Successful price increases by shipping companies drove the higher rates, Jefferies said.

However, Jefferies said the sharp rise in freight rates may be unsustainable given the unchanged supply and demand of shipping capacity.

Dry bulk rates declined, with the Baltic dry index (BDI) falling 9.9% to 1,051 points, while forward freight agreements (FFAs) signal lower rates in January, according to Jefferies.

Tanker rates also trended downwards, with the crude oil freight index (CTFI) dropping 6.8% to 824 points amid subdued cargo volumes.

Jefferies said rates could continue rising towards the end of the year amid geopolitical tensions and disciplined liners, which could lead to rush orders of container shipping.

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