S. Korea Introduces Own Container Cargo Index

This file photo, taken June 4, 2020, shows stacks of import-export cargo containers at South Korea’s largest seaport in Busan, 450 kilometers southeast of Seoul. (Yonhap)

SEOUL, Nov. 7 (Korea Bizwire) – South Korea announced its maiden container freight index Monday to better reflect shipping rates on Asian routes, the oceans ministry said.

The Korea Ocean Business Corporation (KOBC) Container Composite Index (KCCI) stood at 2,892 for the second week of November, according to the Ministry of Oceans and Fisheries

In July 2020, the ministry joined hands with the state-run KOBC to develop the KCCI to better respond to growing uncertainties from the worsening global supply chain disruptions.

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

The index utilizes freight rates unveiled by shipping companies registered with the ministry and provided by logistics companies, the ministry added.

Currently, South Korean exporters and importers bank on the Shanghai Containerized Freight Index (SCFI) for data on freight rates.

The oceans ministry said the KCCI will be of great help to local shipping companies and trading firms by allowing them to obtain exact data on freight rates.

The ministry said it will announce the KCC on the KOBC website every Monday.

(Yonhap)