Shanghai Containerized Freight Index Drops to 1,316 Points Amid Market Correction
The SCFI hit its monthly low as post-Lunar New Year effects begin. The index has declined 20% month-over-month and 35% year-over-year, reflecting fundamental market weakness.
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What Happened
The Shanghai Containerized Freight Index (SCFI) fell to 1,316.75 points on January 30, 2026, marking its lowest level of the month and signaling a significant market correction.
SCFI January 2026 performance:
- Monthly high: 1,647.39 points
- Monthly low: 1,316.75 points (January 30)
- Monthly average: 1,499.03 points
- Month-over-month change: -20.50%
- Year-over-year change: -35.63%
The Containerized Freight Index (per Trading Economics) showed similar trends, recording a 9.68% single-day decrease on February 2, 2026.
The decline follows the pattern seen in other indices (Drewry WCI, Freightos Baltic Index), confirming a broad market correction from early January peaks.
SCFI January 2026 performance:
- Monthly high: 1,647.39 points
- Monthly low: 1,316.75 points (January 30)
- Monthly average: 1,499.03 points
- Month-over-month change: -20.50%
- Year-over-year change: -35.63%
The Containerized Freight Index (per Trading Economics) showed similar trends, recording a 9.68% single-day decrease on February 2, 2026.
The decline follows the pattern seen in other indices (Drewry WCI, Freightos Baltic Index), confirming a broad market correction from early January peaks.
Why It Matters
The SCFI is a key benchmark for China export rates, directly influencing contract negotiations and spot market pricing. The 35% year-over-year decline reflects the normalization from pandemic-era peaks.
The sharp monthly range (1,316 to 1,647) demonstrates continued volatility even within a declining trend. Seasonal factors (Lunar New Year) combine with structural oversupply to create unpredictable short-term movements.
For shippers, the index provides a reference point for evaluating carrier quotes. The current levels, while below 2025 averages, remain above the sub-1,000 levels seen in some pre-pandemic periods.
The sharp monthly range (1,316 to 1,647) demonstrates continued volatility even within a declining trend. Seasonal factors (Lunar New Year) combine with structural oversupply to create unpredictable short-term movements.
For shippers, the index provides a reference point for evaluating carrier quotes. The current levels, while below 2025 averages, remain above the sub-1,000 levels seen in some pre-pandemic periods.
What It Affects
Costs: Current index levels suggest favorable spot market conditions for shippers.
Operations: Contract rates negotiated at higher levels may be subject to renegotiation pressure.
Risk: Carriers facing sustained low rates may implement blank sailings or service cuts.
Timelines: Index typically recovers 4-6 weeks after Lunar New Year as production resumes.
Operations: Contract rates negotiated at higher levels may be subject to renegotiation pressure.
Risk: Carriers facing sustained low rates may implement blank sailings or service cuts.
Timelines: Index typically recovers 4-6 weeks after Lunar New Year as production resumes.
What to Watch Next
- SCFI trajectory through February-March for recovery timing
- Carrier profitability reports and capacity management responses
- Contract rate negotiations for multi-year agreements
- Correlation with other indices (Drewry, Freightos) for trend confirmation
- Carrier profitability reports and capacity management responses
- Contract rate negotiations for multi-year agreements
- Correlation with other indices (Drewry, Freightos) for trend confirmation