Spot prices for containerized freight from Shanghai rose 1 percent this week to 1039.32, following a 6.5 percent-increase last week.

This is according to the Shanghai Containerized Freight Index (SCFI) which measures spot prices for container freight from Shanghai to a number of destinations worldwide.

Compared to the same week last year, the index has fallen 72.2 percent.

The index peaked in the first week of 2022 at 5109.60, where bottlenecks following the coronavirus pandemic had multiplied the rates.

The index began to fall, especially in the second half of last year, as rates plummeted after a long period of sky-high prices following the coronavirus pandemic.

Spot rates describe freight prices, which — unlike long-term contracts — change continuously, and the index shows the price of a 40-foot container.