Freight Indices

I. Compilation and Publication of SCFI
1. What is SCFI?
SCFI is the abbreviation of Shanghai Containerized Freight Index that reflects the fluctuation of spot freight rates on export container transport market from Shanghai.
2. What is the definition of freight rates of individual routes?

The freight rate of individual routes of SCFI is the average all-in price which considers the spot ocean freights and related seaborne surcharges.


The ports of destination are the base ports of the route, e.g. Mediterranean Sea—Barcelona/Valencia/Genoa/Naples, Europe—Hamburg/Rotterdam/Antwerp/Felixstowe/Le Havre, USWC—Los Angeles/Long Beach/Oakland, USEC—New York/Savannah/Norfolk/Charleston, West Japan—Osaka/Kobe, East Japan—Tokyo/Yokohama


The seaborne surcharges include:

  • Bunker Adjustment Factor(BAF)/ Fuel Adjustment Factor(FAF)/ Low Sulphur Surcharge(LSS)
  • Emergency Bunker Surcharge(EBS)/ Emergency Bunker Additional (EBA)
  • Currency Adjustment Factor(CAF)/ Yen Appreciation Surcharge (YAS)
  • Peak Season Surcharge(PSS)
  • War Risk Surcharge(WRS)
  • Port Congestion Surcharge (PCS)
  • Suez Canal transit Fee/Surcharge (SCS)/ Suez Canal Fee (SCF)/ Panama Transit Fee (PTF)/ Panama Canal Charge (PCC).

Landside surcharge, such as Terminal Handle Charge(THC) at both ends, Port Facility Security Surcharge, South China Place of Origin Surcharge, US Automatic Customs Declaration Charge and Inland On-carriage Charges are not included.


The freight rate unit is USD/TEU. For US east and west coasts, USD/FEU is applied.


Trade and transport term: export CIF, CY—CY


Container type/cargo description: General dry cargo container. For US east and west coasts, general cargo is applied.

3. What are the main differences between SCFI and CCFI?
1) Different geographic coverage: SCFI composite index is a weighted average of 15 individual routes. The individual trade route reflects the export container market from Shanghai by an average spot freight rates with a port-to-port freight level; CCFI composite index reflects China’s nationwide export container transport by the indices of individual routes showing the ups and downs of the entire shipping routes.

2) Different target market: SCFI targets at the spot rates of Shanghai export container transport market, which is more sensitive and periodical; CCFI targets the overall freight level (including spot and contractual rates) of China’s export container transport market, which is more comprehensive and macroeconomic.
4. What are the components of SCFI sample data?
The sample data for SCFI calculation are collected from the panelists of CCFI, including liner companies and shipper/freight forwarding enterprises. All panelists of CCFI panel are world-renowned enterprises with outstanding performance and sound reputation in shipping circle. Click the following URL for the name list: http://en.sse.net.cn/indices/panelistsnew.jsp
5. How is SCFI calculated?
Arithmetic mean is applied to calculation of SCFI freight rates of individual routes. The composite index is calculated by weighting average. The basis period of composite index is 16th October, 2009 and the basis index is 1,000 points.
6. When is SCFI publicized?
SCFI is publicized at 15:00 Beijing Time on the date of publication.
7. How do you decide the dates of SCFI publication?
The date of publication is generally each Friday, which is adjusted according to statutory holidays. The specific dates of publication will be decided and made known to public by Shanghai Shipping Exchange.
8. What are the differences between freight filing and SCFI freight index?
  Freight Filing Freight Index
Purpose Market regulating Market information Communication
Principals and scope All liner operators and NVOCCs 20 liner companies and 17 NVOCCs/forwarders voluntarily join the panel
SSE role Freight filing accepting organ Freight index compilation and publication organ
Content of freight rates Tariff rates and the contractual rates Spot rates assessment, which are weekly space-booking rates with definitive route, basic ports, type of container, price term, pricing criteria, etc.
Characteristics of freight rates Rates to be executer that may be changed Rates for actual transaction
Reporting time Filing of tariff rate must one month in advance; filing of contractual rate must 24 hours in advance Before 12:00 Beijing Time of each index publication date; time and frequency fixed
Information Processing Non-processing at all Freight indices calculation subject to prescribed rules
SSE sets up two separated confidential mechanism for freight filing and freight index; The two projects are run by two mutually independent departments; Systems of freight filing and freight index are different, which are strictly separated in terms of rules, management, personnel and information system.

II.Compiling and publishing of CDFI 

1. What is CDFI?
CDFI is the abbreviations of China Import Dry Bulk Freight Index, which reflects spot market changes in China import dry bulk transportation market. CDFI is published by Shanghai Shipping Exchange, including one composite index, four sub-cargo component indices, and 14 vc-basis freight rate indices.
What's the market coverage of CDFI?
The VC-basis freight rates of 14 individual routes express the spot freight rate in China import shipping market. The 14 VC routes cover four major China importing commodities i.e. iron ore, Coal, Grain, Nickel and 3 major ship types i.e. Capesize, Panamax and Supramax. The index presentation is in VC (US dollar/Ton) format. Please log on webpage(http://www.sse.net.cn/index/cdfinew.jsp), for the details and the parameters of the routes.
3. What are the components of CDFI sample data?
The sample data are collected from the panelists of FDI, including ship owners/operators, shippers/agents and brokers. All the panelists are the world-known firms or those who enjoy sound reputation and good credit standing in certain fields. Please click the following URL for the name list:http://en.sse.net.cn/indices/introduction_cdfi_new.jsp
4. Why do we use the data from three parties in CDFI calculation?
The sample data of CDFI calculation come from three parties, namely carriers, shippers and brokers, who are the dealers of market. As the middleman, brokers can provide the rate assessments that derive from their broking business. Besides broking transactions, many charter parties were directly reached by carriers and cargo owners/traders given the reality of the China import dry bulk transport market. Hence, this three-party reporting mechanism suits the Chinese market better, with a more rational data structure and comprehensive information.
5. How are VC/TCT rates of CDFI individual indices calculated?
Panelists’ rates for concerning routes have been included in the average mean value, and both the highest and lowest are excluded.

Pi: Average VC rate in i trade route.
Pij: VC rate of j company in i trade route.
n: Number of samples included in calculation of i trade route.
m highest values in i trade route.
m lowest values in i trade route, m< n/2

The minimum number of samples involved in each published trade lane is Five. If the minimum number cannot be satisfied due to force majeure or any other special factors, SSE has the right to maintain, postpone or suspend publishing of index.
The number of highest and lowest rate which will be excluded in each trade route depands on the total sample number of the specific publication.
n<7, No highest and lowest values will be removed
7≤n<20, 1 highest and 1 lowest values will be removed
20≤n<30, 2 highest and 2 lowest values will be removed
30≤n<40, 3 highest and 3 lowest values will be removed
Trimmean will be applied when n>20. This removes 20% percentage of the largest and smallest values before calculating the mean.
6. What is the calculation of CDFI sub-cargo index?
The methodology of weighted mean of relative routes under same cargo type is applied in the calculation of sub-cargo freight rate index of CDFI.
CDFI routes weight table (since 28th Nov 2017)
Route Cargo Volumee Contract Type Weight
Iron ore freight rate index
Dampier(West Australia)—Qingdao(China) 170000/10% VC 25.0%
Tubarao(Brazil)—Qingdao(China) 170000/10% VC 20.0%
Saldanha(South Africa)—Qingdao(China) 170000/10% VC 2.5%
Geraldton(Australia ) —Qingdao (China) 60000/10% VC 2.5%
Coal freight rate index
Newcastle(Australia)—Zhoushan(China) 130000/10% VC 5.0%
Hay Point(Australia)—Zhoushan(China) 85000/10% VC 5.0%
Samarinda(Indonesia)—Guangzhou(China) 70000/10% VC 5.0%
Taboneo(Indonesia)—Guangzhou(China) 50000/10% VC 5.0%
Taboneo(Indonesia)—Nantong(China) 45000/10% VC 5.0%
Grain freight rate index
Santos(Brazil)—North China 66000/10% VC 10.0%
Santos(Brazil)—North China 60000/10% VC 0%
Tacoma(West America)—North China 63000/10% VC 2.5%
Mississippi(US Gulf)—North China 66000/10% VC 7.5%
Nickle ore freight rate index
Surigao(Philippines) — Rizhao(China) 50000/10% VC 5.0%
Total weight 100.0%
7. What is calculation of CDFI composite index?
The composite index is the weighted mean of sub-cargo index.
8. When is CDFI publicized?
CDFI will be publicized at 17:00(Beijing Time) on each date of publication via www.sse.net.cn and www.chineseshipping.com.cn

Ⅲ Compiling and publishing of FDI 

1.What is FDI?
FDI is the abbreviation of Far East Dry Bulk Index, which reflects spot market changes in Far East dry bulk transportation market. The FDI includes one composite index, five cargo component indices (i.e. FDI VC index, FDI TCT index and Capesize/Panamax/Supramax TCT index) and 20 route indices (i.e. 6 TCT hire rate index and 14 VC freight rate index, released by Shanghai Shipping Exchange.
2.What's the market coverage of FDI?
FDI includes 6 TCT routes and 14 VC routes which express spot market of Far East shipping market. These routes cover main importing and exporting cargoes i.e. iron ore, coal, grain, nickel ore, steel product and bauxite etc and vessel type i.e. Capesize, Panamax and Supramax. FDI publishes in a combined form of voyage charter - VC (U.S. $/ton) and time charter on trip basis TCT (U.S. $/day). Please log on webpage (http://www.sse.net.cn/index/fdinew.jsp), for the details and the parameters of the routes.
3.What are the components of FDI sample data?
The sample data are collected from the panelists of FDI, including ship owners/operators, shippers/agents and brokers. All the panelists are the world-known firms or those who enjoy sound reputation and good credit standing in certain fields. Please click the following URL for the name list:http://en.sse.net.cn/indices/introduction_fdi_new.jsp.
4.Why do we use the data from three parties in FDI calculation?
The sample data of FDIcalculation come from three parties, namely carriers, shippers and brokers, who are the dealers of market. As the middleman, brokers can provide the rate assessments that derive from their broking business. Besides broking transactions, many charter parties were directly reached by carriers and cargo owners/traders given the reality of the China import dry bulk transport market. Hence, this three-party reporting mechanism suits the Chinese market better, with a more rational data structure and comprehensive information.
5.How is FDI individual indices calculated?
Panelists’ rates for returning route have been included in the average mean value, and both the highest and lowest are excluded.

Pi: Average VC rate /Average TCT rate in i trade route.
Pij: VC rate / TCT rate of j company in i trade route.
n: Number of samples included in calculation of i trade route.
: m highest number in i trade route.
: m lowest number in i trade route, m < n/2.
The minimum number of samples involved in each published trade lane is Five. If the minimum number cannot be satisfied due to force majeure or any other special factors, SSE has the right to maintain, postpone or suspend publishing of index.
The number of highest and lowest rate which will be excluded in each trade route depands on the total sample number of the specific publication.
n<7, No highest and lowest values will be removed.
7≤n<20, 1 highest and 1 lowest values will be removed.
20≤n<30, 2 highest and 2 lowest values will be removed.
30≤n<40, 3 highest and 3 lowest values will be removed.
Trimmean will be applied when n>20. This removes 20% percentage of the largest and smallest values before calculating the mean.
6.What is the calculation of FDI TCT index , FDI VC index and Capeseize / Panamax/ Supramax TCT index?
The methodology of weighted mean is applied in the calculation of FDI TCT index and FDI VC index.



Ivc: FDI VC index.
Itc: FDI TCT index.
I0: Base rate of FDI VC index and FDI TCT index.
Pio: VC/ TCT rates for i trade route in base period.
Pi: VC/ TCT rates for i trade route in calculation period.
Wi: Weighting for VC index and TCT index in i trade route.
k: Trade route that include in the calculation of VC index.
l: Trade route involved in the calculation of TCT index.

The methodology of weighted mean of related routes under same vessel type is applied in the calculation of Capeseize / Panamax/ Supramax TCT index.(Calculation ditto).
FDI routes weight table (since 28th Nov 2017)
Routes Size MT Contract Type Weighting
China-Japan/Pacific Round Voyage 180000DWT TCT 40.0%
Dampier(West Australia)—Qingdao(China) 170000/10% VC 25.0%
Tubarao(Brazil)—Qingdao(China) 170000/10% VC 20.0%
Saldanha(South Africa)—Qingdao(China) 170000/10% VC 2.5%
Newcastle(Australia)—Zhoushan(China) 130000/10% VC 5.0%
China-Japan/Pacific Round Voyage 82000DWT TCT 20.0%
South China via Indonesia /South Korea 76000DWT TCT 10.0%
Hay Point(Australia)—Zhoushan(China) 85000/10% VC 5.0%
Samarinda(Indonesia)—Guangzhou(China) 70000/10% VC 5.0%
Geraldton(Australia)—Qingdao(China) 60000/10% VC 2.5%
Santos(Brazil)—North China 66000/10% VC 10.0%
Santos(Brazil)—North China 60000/10% VC 0%
Tacoma(West America)—North China 63000/10% VC 2.5%
Mississippi(US Gulf)—North China 66000/10% VC 7.5%
South China /Indonesia Round Voyage 57000DWT TCT 10.0%
Singapore via Indonesia/South China 57000DWT TCT 10.0%
Bohai Bay(China)-Southeast Asia 57000DWT TCT 10.0%
Taboneo(Indonesia)—Guangzhou(China) 50000/10% VC 5.0%
Surigao(Philippines)—Rizhao(China) 50000/10% VC 5.0%
Taboneo(Indonesia)—Nantong(China) 45000/10% VC 5.0%
Total weighting in VC routes 100.0%
Total weighting in TCT routes 100.0%
7.What is calculation of FDI composite index?
The methodology of weighted mean of FDI TCT index and FDI VC index is applied in the calculation of composite index.

I: FDI composite index.
IVC: FDI VC index.
ITCT: FDI TCT index.
WVC and WTCT: integrated weighting.
A: integrated adjustment coefficient.
8.When is FDI publicized?
FDI will be publicized at 17:00(Beijing Time) on each date of publication via www.sse.net.cn and www.chineseshipping.com.cn.
9.How are the publication dates decided?
The date of FDI publication is generally on each working day, or equals from Monday to Friday, which is adjusted according to statutory holidays. The specific dates of publication will be decided and made known to public by Shanghai Shipping Exchange.

Ⅳ Compiling and publishing of CTFI 

1.What is CTFI?
CTFI is the abbreviation of China Import Oil Tanker Freight Index that shows the fluctuation of spot freight rates of Chinese import crude oil tanker transport market.
Published by Shanghai Shipping Exchange (SSE), the index includes one composite index and WS rate of individual routes.
Remind: For WS flat rate information, please log on to: http://www.worldscale.co.uk/ and subscribe WS membership.
2.What's the market coverage of CTFI?
Two voyage charter trade routes are included, from the ME Gulf Ras Tannura to China Ningbo and from West Africa Malongo and Djeno to China Ningbo respectively. Both routes are for Very Large Crude Carrier (VLCC), 265,000 MT type for the former and 260,000 MT type for the latter. For the details and the parameters of the routes, please click the following link: http://www.sse.net.cn/index/singleIndex?indexType=ctfi..
3.What are the components of CTFI sample data?
The sample data are collected from the panelists of CTFI, which include ship owners/operators, shippers/agents and brokers. All the panelists are the world-known firms or those enjoy sound reputation and good credit standing in certain field. Please click the following URL for the name list: http://www.sse.net.cn/indexIntro?indexName=ctfi
4.Why do we use the data from three parties in CTFI calculation?
The sample data of CTFI calculation come from three parties, namely carriers, shippers and brokers, which are the dealers of market. As the middleman, brokers can provide the rate assessments which derive from their broking business. Besides broking transactions, many charter parties are directly reached by carriers and cargo owners/traders given the reality of the China import crude oil transport market. Hence, this three-party reporting mechanism suits the Chinese market better, with a more rational data structure and comprehensive information
5.How is CTFI individual indices (WS rate) calculated?
Panelists’ rates for returning route have been included in the average mean value, and both the highest and lowest are excluded.
Pi: Average Freight rate (WS) in i trade route
Pij: WS Rate of j company in i trade route
n: Number of samples involved in calculation of i trade route.
: m highest number in i trade route;
: m lowest number in i trade route, m< n/2
The minimum number of samples involved in each published trade lane is Seven. If the minimum number cannot be satisfied due to force majeure or any special factor, SSE has the right to maintain publishing, postpone or suspend publishing of index.
The number of highest and lowest excluded in each trade route is decided by the sample number of the specific publication.
7≤n<20, 1 highest and 1 lowest number will be removed
20≤n<30,2 highest and 2 lowest number will be removed
30≤n<40,3 highest and 3 lowest number will be removed
Trimmean will be applied when n>20. This removes 20% percentage of the largest and smallest values before calculating the mean.    
6.How is CTFI composite index calculated?
The composite index is the weighted mean of Freight (WS) indeices

CTFI composite index
Average Freight Index (USD/Ton), converted from flat rate of WORLD SCALE based on current WS rate.
Average Freight Index (USD/Ton) in the base period.
CTFI composite ndex value in base period.
i: Trade route; m: Number of routes; Wi: Weighting factor for i trade route.
The base period of composite index is set on 28th November, 2012, with base index value of 1,000 points.
Weighting Factor of CTFI (28th November, 2013)
Routes Weighting Factor
ME Gulf Ras Tannura to China Ningbo 60%
West Africa Malongo and Djeno to China Ningbo 40%
7.When is CTFI publicized?
CTFI will be publicized at 17:00(Beijing Time) on each date of publication via www.sse.net.cn and www.chineseshipping.com.cn
8.How are the publication dates decided?
The date of CTFI publication is generally on each working day, Monday to Friday, which is adjusted according to statutory holidays. The specific dates of publication will be decided and made known to public by Shanghai Shipping Exchange.

Ⅴ. Index Queries and Subscription

1. Where can we find the freight indices?
Users may visit the official websites of Shanghai Shipping Exchange(SSE) or Chinese Shipping Website to check the freight indices.

SSE owns the intellectual property rights of SCFI, CCFI and CBFI. Without authorization in writing by SSE, all relevant data of SCFI are for perusal only. No entity or individual is allowed to duplicate, forward, transfer, revise, distribute, publicize or extract, republish or reuse for any public or commercial purpose.

2. How can I get the most recent updated freight indices and the history data?
Subscribers to freight indices can log on to www.sse.net.cn and http://www.chineseshipping.com.cn by username and password to obtain the most recent updated freight indices and the historical data of the past three years.
3. Can non-subscriber see the freight indices?
Non-subscribers may see the latest composite indices of SCFI and CCFI with one day time lag from the latest publish day.

Non-subscribers cannot get the historical data of freight indices.
4. How can I subscribe the indices?
Index subscribers are divided into three categories: common user, broker and others. Common user may read the data whilst distribution is not allowed. Please click “Subscription Agreement for Common User”. Broker refers to the user that uses SCFI as clearing benchmark of container freight swap agreement. Others refer to users other than the common user and broker. Common user shall follow the “Subscription Process” while broker and others shall contact us directly
5. What is the subscription fee for common user? Is there any discount?
The subscription fee of SCFI and CCFI for common user is CNY15,000/year and 40% discount is available from the second indices afterward(include the second one). e.g. if a client subscribes both SCFI and CCFI, the total subscription fee will be CNY24,000/year.
6. If SSE members enjoy the discount of index subscription?
Yes, different discounts will be offered to SSE members according to their membership levels.
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