Further slides in the Shanghai Containerized Freight Index (SCFI) are continuing, and it is expected that by mid December, freight levels will be at pre-pandemic levels. Last 18 November SCFI stood at 1,307 points, plunging 74% from an all-time high of 5,110 points on 7 January, and bringing the index near the 1,000 points seen in January 2020, just before the Covid-19 crisis erupted.
Sea freight on the China-Brazil route has soared and reached an unprecedented US$ 10,000 per TEU, according to importers and shipping companies operating in the port of Santos.