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China Containerized Freight Index surges 5.3%

China Containerized Freight Index surges 5.3%

Shanghai: Another key index points to the rebound in China container volumes, which make up the best part of 50% of the box sector. The China Containerized Freight Index (pictured), published weekly by the Shanghai Shipping Exchange, has just been released and shows that the upward trend seen on this index since July 3 continues with its strongest overall weekly growth seen since early 2008. The index, which takes data from most of the leading liners with operations in China, grew 5.3% in the past week to close on 825 points. This latest good news, follows on from CLSA's Purchasing Managers Index earlier this week which showed manufacturing and exports in China are up, while Chinese ports are also reporting improved trading conditions. Now, shipowners will be praying for a drastic raise in freight rates. 
The latest issue of Seatrade, just out, has a cover story debating whether or not the worst is over for the beleaguered container shipping sector. Subscriptions are available here: http://www.seatrade-global.com/secure/SG3.asp [07/08/09]

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