Last Friday, the Shanghai Container Freight Index (SCFI) reached its highest level since 2012. Meanwhile, oil prices have risen nearly 55 percent since hitting their lowest level this year in April.
Especially between Shanghai and the West Coast of the United States. The spot exchange rate has surged 143.4 percent since the COVID-19 outbreak peaked at the end of April.
As countries around the world began shutting down shipments in an effort to contain the spread of COVID-19, shipping companies were cutting back on capacity and shipping schedules. To remove ships from the market in order to stabilize rates. Shipping capacity is controlled mainly by suspending routes and leaving surplus vessels idle to meet market expectations.
From the shipping companies can be seen in the half-year financial results, profits have varying degrees of growth.
However, the positive momentum is expected to wane at the start of China's Golden Week holiday in October. Meanwhile, the global economic outlook remains uncertain.
Some shipping lines have begun slowly canceling October trips in anticipation of another drop in demand due to the impact of China's Golden Week, according to the Alphaliner report.
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