Notwithstanding further rate spikes this week, the Shanghai Containerized Freight Index (SCFI) is still understating the prices shippers are paying carriers, according to a senior analyst.
“It should be noted that the market is at a point where the SCFI is, in some cases, significantly underestimating actual rates paid,” said SeaIntelligence’s Lars Jensen.
However, the SCFI’s comprehensive index, reading 2,411.82, is 167% higher than a year ago, reflecting huge spot rate increases across all export trades from Asia.
For example, rates to the South American east coast are recorded at some 200% higher than 12 months ago, while intra-Asia spots are 450% more expensive.
But the SCFI this week recorded only a modest 6% uplift for rates to North Europe, to $3,124 per teu. And although this rate is 230% higher than a year ago, it is well below the whopping price increases shippers are said to be encountering on the route.