Valencia Containerised Freight Index

VCFI General

IIn April 2025, the Valencia Containerised Freight Index (VCFI) rose 9.41% on the previous month, reaching 2,243.84 points. This increase reverses the downward trend observed in March and brings accumulated growth since the start of the series in 2018 to 124.38% For its part, the Western Mediterranean sub-index saw notable growth of 24.68%, bringing the total to 2,811.21 points. This represents accumulated growth of 181.12%. The Far East sub-index also recorded an increase, up 9.04% for a value of 2,317.10 points and accumulated growth of 131.71%.

In comparison with other international indices, while the VCFI saw outstanding growth in April, the Shanghai Containerized Freight Index (SCFI) recorded a slight correction of 3.5% in the third week of the month. This difference in performance can be attributed to the nature and coverage of each index. The weekly SCFI reflects spot export rates from Shanghai, and is highly sensitive to immediate market variations. The VCFI, on the other hand, is published monthly and reflects the price of export contracts from Valencia to multiple destinations, offering a more structured view with less short-term volatility. These differences in methodology naturally generate a certain mismatch between the two indicators. However, it should be noted that, in the medium term, both indices tend to show a convergent evolution, as they are conditioned by common trends in the global logistics chain.

The performance of the VCFI in April came in a context of operating stability in the shipping sector. According to data from Alphaliner, the idle container fleet remained at around 0.7% of global capacity, or 67 vessels and approximately 195,000 TEU out of service. This low availability improves the balance on the market and helps sustain price levels. In parallel, the energy market showed signs of moderation: the price of Brent crude dropped below $63 per barrel, while the cost of shipping VLSFO fell to $521 per tonne in the principal hubs, according to Ship & Bunker. This development means some partial relief for transport operating costs, although freight rates remain influenced by the dynamics between supply and demand on the various routes.

As for the general economic environment, the latest World Trade Organization (WTO) Goods Trade Barometer came in at 102.8 points, indicating that global good trade remains slightly above trend. However, the WTO has warned that uncertainty surrounding trade policies and the possible imposition of new tariffs could constrain the expansion of international trade in the coming months. In fact, in April, the organization revised its forecast for 2025 downward, forecasting a 0.2% drop in global merchandise volumes, compared to the 2.7% growth initially forecast.

In the same vein, the RWI/ISL index, which evaluates container traffic in the world’s major ports, reflected a significant drop in global shipping trade in March. According to the latest estimate published on April 25 by the Leibniz Institute for Economic Research (RWI) and the Institute of Shipping Economics and Logistics (ISL), the index fell to 135.3 points (seasonally adjusted), down from a revised 137.6 points the previous month. This decline, after a dynamic start to the year, would appear to be linked to an anticipation effect on the part of traders in the face of the announcement of new tariff measures in the United States, which would have concentrated most movement in January and February. The report notes that this slowdown in port traffic is widespread and affects both European ports – where the North Range Index fell from 112.8 to 112.1 points – and Chinese ports, which recorded a drop from 157.8 to 154.8 points. The impact of these trade policies is particularly noticeable in trade between China and the United States, which could continue to show pressure in the coming months. In this context, the performance of the VCFI in April can be understood as the result of specific operating and commercial factors on certain routes, within a broader global scenario still very much conditioned by volatility. The changes observed respond to adjustments in the capacity offered, strategic decisions taken on the part of operators and an environment in which demand is subject to regulatory and economic changes.

VCFI Western Mediterranean

VCFI Far East