Container Freight Indices Explained: SCFI, WCI, FBX and XSI

Container freight indices are the numbers behind most "rates jump" and "rates slump" headlines, and they are easy to misuse. An index is a published benchmark built from a sample of rates on a fixed set of trade lanes. It tells you which way a lane is moving. It does not tell you what you will be charged. Two indices can show different moves in the same week, and both can be right, because they measure different things.

This guide covers the five indices you will meet most often (SCFI, CCFI, the Drewry World Container Index, the Freightos Baltic Index and the Xeneta Shipping Index), how they differ, and how a shipper or forwarder should use one in a real quote conversation. Methodology details below come from each publisher's own published methodology pages, checked in September 2026. Publishers revise their methodologies, so check the source before relying on a detail.

The short version

• SCFI is a weekly spot index from Shanghai, published by the Shanghai Shipping Exchange.
• CCFI is the same publisher's broader China export index, covering spot and contract rates, so it moves more slowly.
• Drewry WCI is a weekly spot index on eight routes, quoted per 40ft container, built from forwarder and NVOCC submissions.
• FBX is a daily spot index from Freightos and the Baltic Exchange, built from rate data on the WebCargo platform.
• Xeneta XSI comes in a short-term and a long-term contract version, built from rates reported by Xeneta's customers.
• Baltic Dry Index is not a container index at all.

The indices side by side

Read the table by columns, not rows. Every column is a reason two indices can disagree.

SCFI and CCFI: the Shanghai Shipping Exchange pair

The Shanghai Containerized Freight Index tracks spot rates from Shanghai to 15 destination regions. Its base date is 16 October 2009 at 1,000 points. The exchange describes it as an assessment of spot rates, meaning weekly space-booking rates, and says the panel includes 20 liner companies and 17 NVOCCs and forwarders that join voluntarily. Individual routes are quoted in USD per TEU, except the US coasts, which are quoted per 40ft container. The composite is a weighted average of the route indices.

The China Containerized Freight Index covers Chinese export container transport more broadly and, in the exchange's own words, reflects the overall freight level including spot and contractual rates. Because contract rates change slowly, CCFI tends to move more smoothly than SCFI. If you want to know what the spot market did this week, SCFI is the more sensitive read. If you want the broader temperature of China export freight, CCFI is the steadier one.

Drewry World Container Index

Drewry's World Container Index is a composite of eight routes: Shanghai to Rotterdam, Rotterdam to Shanghai, Shanghai to Genoa, Shanghai to Los Angeles, Los Angeles to Shanghai, Shanghai to New York, New York to Rotterdam and Rotterdam to New York. Routes are weighted by annual trade volume. Freight forwarders and NVOCCs in Europe, North America and Asia submit the rates on which they are actually moving cargo. Drewry excludes quotes, tariffs, estimates, bids and offers, so only agreed spot rates count.

What is inside the number matters. Drewry says the index includes the ocean freight, the bunker adjustment factor and a range of surcharges (including emissions trading charges, peak season surcharges, congestion and canal fees), plus terminal handling charges depending on the route. It excludes documentation, booking and customs clearance fees, inland transport, and refrigerated and specialised equipment. Rates are quoted per 40ft container on a container-yard basis. If you want to see how those surcharge lines look on a real invoice, see our guide to freight surcharges decoded.

Freightos Baltic Index (FBX)

FBX is published by Freightos in collaboration with the Baltic Exchange. It is calculated daily (published at 14:00 UTC), with a weekly average also available, across 12 trade lanes. Its data comes from anonymised business data on the WebCargo platform, and Freightos describes it as rolling short-term FAK (Freight All Kinds) spot tariffs and related surcharges between carriers, forwarders and high-volume shippers. Rather than an average, it takes the median price, weighted by carrier, using rates created or modified in the last three months and valid within a 48-hour window.

Two things follow. FBX is fast, so it is good for spotting a turn early. And it is built from tariffs on one platform, not from a survey of what was actually agreed, so it can differ from an index built on agreed rates.

Xeneta Shipping Index (XSI)

Xeneta publishes more than one index, which causes confusion. The short-term XSI-C tracks rolling short-term FAK rates valid for less than 32 days, for a 40ft container, across eight regional routes, using daily median prices from committed quotes reported by Xeneta's customers. A separate XSI Contract Market index tracks long-term contracts of more than 88 days. If someone quotes "the Xeneta number", ask which one. A rise in short-term spot and a flat long-term contract index can both be true at once.

What the Baltic Dry Index is not

The Baltic Dry Index is published by the Baltic Exchange and tracks dry bulk shipping (commodity cargoes such as iron ore, coal and grain, carried by bulk vessels of the Capesize, Panamax and Supramax classes). Nobody ships a box in a dry bulk vessel, so the BDI says nothing reliable about what a 40ft container costs from Shanghai to Rotterdam. It is sometimes quoted as a general shipping barometer, and it is a fair signal of bulk commodity demand, but do not use it to judge a container quote. The "Baltic" in FBX comes from the Baltic Exchange's involvement in that index, which is a different product entirely.

Why two indices disagree in the same week

1. Spot versus contract. SCFI, WCI and FBX are spot indices. CCFI blends contract rates, and the XSI Contract Market is contract only. A spot spike barely registers in a contract-heavy index.
2. Different lanes. SCFI starts every route in Shanghai. WCI includes return legs and Rotterdam to New York. FBX covers South America lanes that others do not. A regional move shows in one index and not another.
3. Different weighting. Some composites are volume-weighted, some use medians, some use averages.
4. Different timing. A Friday snapshot, a Thursday snapshot and a daily reading will capture different moments in a fast market.
5. Different scope. WCI includes terminal handling and named surcharges. Others may not treat surcharges the same way.
6. Different units. Per TEU and per 40ft container are not the same number. A 40ft container is two TEU, so never compare a per-TEU figure with a per-40ft figure directly.
7. Different data sources. Agreed rates reported by forwarders, tariffs from a platform, and quotes reported by customers are three distinct samples.

Index level examples: why this guide gives none

Index levels change every week, and a number without a date is misleading. This guide deliberately quotes no index levels. If you need current figures, go to each publisher's own page. When someone quotes you a level in conversation, ask three questions: which index, which lane, and which date.

How to actually use an index in a quote conversation

An index is useful for direction, not for price. Use it like this.

• Read the lane trend, not the headline. Pick the index lane closest to your route and look at the direction over several weeks. A composite figure blends lanes that may not move together.
• Use it to time the conversation. Rising fast means quotes go stale quickly and validity dates matter. Falling means a short validity may be the better bargain. Our guide to freight tender versus spot quote covers when to fix a rate and when to stay on spot.
• Do not expect an index price on your invoice. Your rate depends on the carrier, the service, equipment, commodity, volume, timing and your forwarder's own contracts. The index is a sample, not a tariff.
• Add what the index leaves out. Origin charges, destination charges, customs, documentation and inland haulage are usually outside the index basis or handled differently. Ask for a quote that breaks them out. Our guide to how freight rates are calculated shows the components.
• Check the surcharges. Seasonal and emergency charges can be inside or outside the index. See peak season surcharges explained to know what to ask.
• Match the equipment. Indices are for standard dry containers. Reefers, high cubes and special equipment price differently. See container types and dimensions.
• Compare like with like. When you hold several quotes, line up validity, inclusions and free time before looking at the total. Our guide to comparing freight quotes and the pre-booking checklist help here.

A worked way to phrase it

Instead of "the index says the rate is X, so why are you charging more?", try: "The index for this lane has been rising for the last few weeks. Can you confirm what your quote includes, how long it is valid, and which surcharges are separate?" That gets you an answer you can act on and does not put your forwarder in the position of defending a number they never quoted.

For forwarders

If you quote customers, an index is a sanity check on your own pricing and a way to explain movement, not a script. Cite the index by name, lane and date, state its unit, and say plainly that it reflects a sample. Customers who understand the difference between a benchmark and a quote are easier to keep.

What to do next

1. Pick the one or two indices that cover your lane and note the unit and whether they are spot or contract.
2. Track the direction over several weeks before you set expectations.
3. Ask every quote to state its validity date and what is included.
4. Treat the index as context, and treat the written quote as the price.

If you want quotes to compare against the index trend, you can post a freight request and eligible forwarders can respond with quotes that carry a validity date. You can also browse forwarders by country, city or trade lane in the CargoLinked directory. Listings are self-published, so check a company's credentials before you commit.

Methodology details reflect each publisher's published documentation as of September 2026 and can change. Confirm with the publisher before relying on a specific detail.