The Shanghai Containerized Freight Index (SCFI), a bellwether of the box spot markets, broke through the 5,000 mark for the first time in its history on Friday, ushering in 2022 with ever greater fortunes for liner operators.
The index climbed 91 points to 5,047, roughly five times higher than its historical average. It broke through the 4,000 barrier in July last year for the first time ever, hitting a brief plateau at the start of autumn before rising again over the past six weeks.
It’s not just the spot market that is breaking new highs. As the first round of tender data has started to roll in, Xeneta data indicates that most of the 2022 long term contracts will be at record-high levels. Carriers are asking clients to pay up for secured, long term deals or risk being hit by the vagaries of the spot market.