The China Containerized Freight Index (CCFI), the index of export container transport, witnessed a decline of 6 per cent month on month (MoM) to reach 3,131.53 in April 2022, according to data released by the Shanghai Shipping Exchange, said Fibre2fashion.
The drop was led by the sub-reading for the Persian Gulf/Red Sea service that dropped by 15.8 per cent month on month in April, followed by the sub-reading of the South America service which decreased by 14.3 per cent compared to the previous month, said Chinese media reports quoting the data shared by the Shanghai Shipping Exchange.
Japan service’s sub-reading witnessed an increase of 6.3 per cent in April, compared to March. The index tracks contractual and spot freight rates for 12 international shipping routes from Chinese container ports. It is based on data from twenty-two international carriers. It was set at 1,000 in 1998.
As per MRC, oil prices were mixed as investor fears of a global recession spurred by lockdowns in China and weak economic data vied with signs the European Union was stepping closer to an import ban on Russian crude.
Brent crude was down 18 cents, or 0.2%, at USD111.37 a barrel at 1342 GMT, while U.S. West Texas Intermediate (WTI) crude rose 2 cents, or less than 0.1%, to USD110.51 a barrel. The fall in oil prices "is chiefly due to the weak Chinese economic data, as the lockdown measures are having a direct impact on the world’s second-largest market," said Barbara Lambrecht, energy analyst at Commerzbank.
mrchub.com