South Korea unveils own maiden container freight index

08 Nov '22

1 min read

Pic: Tavarius / Shutterstock.com

South Korea recently unveiled its maiden container freight index to better reflect shipping rates on Asian routes, according to its oceans and fisheries ministry, which said the Korea Ocean Business Corporation (KOBC) Container Composite Index (KCCI) stood at 2,892 for the second week of November.

KCCI is based on rates for cargo on 13 routes from Busan, the largest port on the country's southeast coast, to Asia, North America and Europe.

The ministry collaborated with the state-run KOBC in July 2020 to develop KCCI to better tackle rising uncertainties from global supply chain disruptions.

The index utilises freight rates unveiled by shipping companies registered with the ministry and provided by logistics companies, according to a South Korean news agency.

South Korean exporters and importers bank on the Shanghai Containerised Freight Index (SCFI) now for data on freight rates.

ALCHEMPro News Desk (DS)

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