Charts of the Day: Soaring Shipping Costs
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Container shipping rates on China-U.S. routes surged as Chinese exporters raced to move goods ahead of an expiring tariff truce.
The Shanghai Containerized Freight Index, which tracks spot freight rates from the port city to major global export destinations, and the Ningbo Containerized Freight Index, a key regional indicator for freight rates on Chinese exports, each skyrocketed on May 30 from the previous week, marking the highest weekly increases ever recorded on China-U.S. routes, according to data from the Shanghai and Ningbo shipping exchanges.
The Shanghai Shipping Exchange attributed the price surge to a rush by Chinese exporters to ship goods to the U.S. before a 90-day tariff reprieve ends. Despite capacity returning to pre-tariff war levels, congestion and tight space continue to drive up prices. The Ningbo Shipping Exchange cited strong demand and delays in redeploying vessels as contributing factors.
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- Container shipping rates on China-U.S. routes surged on May 30, marking the highest weekly increases ever recorded on these routes.
- The Shanghai Containerized Freight Index and the Ningbo Containerized Freight Index both skyrocketed.
- The China Containerized Freight Index (CCFI) increased by 0.9% to 1117.61 on May 30.
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