The US-Western freight rate soared 31.9%, and freight rates on many routes recovered collectively.
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Recently, the latest SCFI freight index released by the Shanghai Shipping Exchange was 1310.32 points, an increase of 12.9% from the previous period. The freight rates of the four major routes increased collectively.
Among them, the US West Route increased by 31.9%, and the US East Route also increased by 16.4%. European and Mediterranean routes increased by 7.2% and 3.5% respectively.
According to data from the General Administration of Customs, my country's exports to the EU increased by 14.2% year-on-year in September, the highest growth rate in three years; in the first three quarters, my country's exports to the EU increased by 8.2% year-on-year.
In terms of freight rates, on October 17, the freight rate (sea freight and sea freight surcharges) exported from Shanghai Port to the European basic port market was US,145/TEU, an increase of 7.2% from the previous period.
Market freight rates on the Mediterranean route are also rising, but not as much as in Europe. On October 17, the market freight rate (shipping and shipping surcharges) exported from Shanghai Port to the Mediterranean basic port was US,613/TEU, an increase of 3.5% from the previous period.
Industry insiders analyzed that in the long-term market from the Far East to Europe, negotiations for the new annual contract in 2026 have begun. Large shipping companies have expressed their unwillingness to sign contracts at low prices, which will also prompt European line freight prices to stop falling and rebound.
On the North American route, starting from October 14, the United States has officially implemented Section 301 investigations and restrictive measures on Chinese shipbuilding and other industries, affecting the stability of the global supply chain.
Some analysts believe that the relevant measures will put the prospects of Sino-US trade to a test and may once again produce a "rush for exports" effect in the short term. At present, transportation demand on trans-Pacific routes is relatively stable, and booking prices in the spot market have rebounded from low levels.
On October 17, the market freight rates (sea freight and sea freight surcharges) exported from Shanghai Port to the basic ports of the West and East US were US,936/FEU and US,853/FEU respectively, up 31.9% and 16.4% respectively from a week ago.
Prior to this, major global shipping companies carried out a large number of flight reduction operations on North American routes in late September. As the National Day holiday ends, the market begins to see shipment demand for the Christmas and New Year holidays, which in turn pushes up freight rates.
Market freight rates on the Persian Gulf route continue to rise. On October 17, the market freight rate (shipping and shipping surcharges) exported from Shanghai Port to the basic port of the Persian Gulf was US,248/TEU, an increase of 28.0% from the previous period.
Transport demand on Australia-New Zealand routes performed well. On October 17, the market freight rate (sea freight and sea freight surcharges) exported from Shanghai Port to Australia and New Zealand basic ports was US,311/TEU, an increase of 13.1% from the previous period.
Cargo volume performance on South American routes remained stable. On October 17, the market freight rate (sea freight and sea freight surcharges) exported from Shanghai Port to South American basic ports was US,658/TEU, an increase of 8.7% from the previous period.
The freight rate in the Japanese route market fell slightly. On October 17, the freight index for China’s export route to Japan was 946.31 points.
We would like to remind all cargo owners and freight forwarders to pay attention to the latest freight price trends, check shipping schedules and freight price information in advance, and make good cargo transportation plans.
