SIMIC

The average China Containerised Freight Index (CCFI) went down 2.5 per cent to 2,830.11 from the previous week, according to the exchange.

The sub-index for the Persian Gulf/Red Sea service led the decrease with a week-on-week drop of 6.7 per cent.

Bucking the trend, the sub-reading for the South Africa service rose one per cent from a week earlier.

The CCFI tracks spot and contractual freight rates from Chinese container ports for 12 shipping routes across the globe, based on data from 22 international carriers.

The index was set at 1,000 on January 1, 1998.

This follows a China Ports and Harbours Association report of 5.3 per cent growth in container volume at eight major Chinese ports year on year in mid-August, reports the UK's Seatrade Maritime News.

Export container volume slightly up 1.6 per cent while the domestic volume increased 17.9 per cent. Among which, the inland container volume of Shanghai increased 27 per cent in mid-August.

Cargo throughput at major coastal hub ports increased 4.8 per cent while international trade cargo throughput dropped 0.5 per cent.

Crude oil shipments at major coastal ports declined 0.2 per cent. The Port of Tianjin posted the highest rise in volume with a growth rate of 53 per cent.

Metal ore shipments at major Chinese ports increased 0.7 per cent while the port inventory grew 22.69 per cent.

Due to a heatwave and lower than normal rainfall, shipping channels of Yangtze River were narrowing, negatively affected cargo movement

Cargo throughput at three major Yangtze River ports, Nanjing, Wuhan and Chongqing declined 1.9 per cent while the container volume increased 8.8 per cent in mid-August.