The price of containerized freight out of Shanghai continues to soar, according to the latest edition of the Shanghai Containerized Freight Index (SCFI), which measures spot prices on freight from Shanghai to a number of destinations around the world.

This week, the index rose 12.6% to 3,044.77, following a 7.2% increase last week.

The rates are now 196% higher than a year ago and at their highest since August 2022.

However, it’s still a long way from the peak the index reached in the first week of 2022 at 5,109.60, when bottlenecks following the coronavirus pandemic had multiplied the rates.

The rate index’s strong increase is mainly due to attacks on ships in the Red Sea and the diversion of routes south of Africa.

This increases travel time and takes up a lot of capacity, which is pushing up prices.

Four destinations take up for more than half of the index. Shanghai to Western Europe accounts for 20%, routes to the Mediterranean 10%, while routes to the US West Coast and East Coast represent 20% and 7.5% respectively.

Spot rates describe freight prices, which, unlike long-term contracts, change continuously.

English edit by Kristoffer Grønbæk