The South Korean national government has launched its own container freight index today to improve understanding of shipping rates on Asian routes.
The Ministry of Oceans and Fisheries announced the Korea Ocean Business Corporation (KOBC) Container Composite Index (KCCI) on 7 November, which currently stands at 2,892.
The KCCI is based on rates for cargo on 13 routes from Busan to Asia, North America and Europe.
In July 2020, the ministry joined hands with the state-owned KOBC to develop the KCCI to build resiliency against worsening global supply chain disruptions.
The index includes freight rates unveiled by shipping companies registered with the ministry and provided by logistics companies.
South Korean exporters and importers currently utilise 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 added that the KCCI will be announced on the KOBC website every Monday.