The Shanghai Containerised Freight Index has plunged to New Lows

The Shanghai Containerised Freight Index (“SCFI”) measures the rate to ship containers from Shanghai to the US and Europe. For example, the rate to Northern Europe is now around USD399, per TEU (Twenty Foot Equivalent Unit), down more than 60% over the last year.

It is a “companion” index to the Baltic Dry Index (“BDI”) which does the same for bulk products such as iron ore.  Read about the BDI here and here.

I plan to write on this index in the next week or so.  Meanwhile, head to Wolf Street and read about it here.