The right freight index depends on what you are using it for. An index suitable for general market monitoring may be completely unsuitable for a financial contract. Using the wrong index is not a minor error. It can mean over-paying, under-hedging, or entering a derivatives contract that cannot legally settle in your jurisdiction.
The Three Use Cases and What Each Requires
Market monitoring and benchmarking: Any major index works. Directional accuracy and ease of access are what matter. The SCFI is fine here.
Index-linked contract pricing: The index must reflect what you would actually pay in the spot market. That means transaction-based data (shipped rates, not quotes), surcharge-inclusive methodology, and IOSCO compliance if financial settlement is anticipated.
Financial derivative settlement (futures, swaps): The index must be IOSCO and BMR compliant, based on transaction data, administered by an independent calculation agent, and published on a consistent schedule. The SCFI does not meet these requirements.
The Five Major Container Freight Indices Compared
SCFI (Shanghai Containerized Freight Index): Launched 2009. Survey-based, Shanghai only, not IOSCO or BMR compliant. Best for: general market monitoring. Not suitable for: financial settlement.
CCFI (China Containerized Freight Index): Broader geographic scope than SCFI, blends spot and contract rates. Better for benchmarking annual negotiations. Not compliant for financial settlement.
WCI (Drewry World Container Index): Eight major global corridors, published weekly, FEU-focused. Good for commercial benchmarking. Not transaction-based. Not suitable for financial settlement.
FBX (Freightos Baltic Index): Daily publication, transaction-based via the Freightos platform, IOSCO and BMR compliant. Skews toward smaller shippers and NVOs. Good for real-time monitoring and some index-linked contracts.
NYFI (NYSHEX Freight Index): Launched April 2025. Shipped transactions only (not quotes or bookings). Surcharge-inclusive. Industry-governed (equal representation from shippers, carriers, NVOCCs). FMC-regulated. IOSCO and BMR compliant. ICE Data Services as calculation agent. Free access at nyshex.com. Purpose-built for hedging and financial settlement.
The Key Methodology Questions
Spot or contract rates? Spot-rate indices respond quickly to market changes. Contract-rate indices lag. For index-linked contracts in volatile markets, spot-rate indices are required.
Quotes, bookings, or shipped rates? Shipped rates (invoiced, loaded cargo) are the most accurate. Booking-based indices can spike and fall before cargo actually moves at those rates. NYFI is shipped transactions only.
Surcharges included or excluded? If your index excludes surcharges but your physical contract includes them, your hedge will not track your actual cost. NYFI includes all mandatory surcharges in the shipped transaction data.
Who contributes the data? An index submitted primarily by carriers will skew higher. NYFI's governing board has equal representation from shippers, carriers, and NVOCCs.
IOSCO and BMR compliant? Required for financial derivative settlement and for any contract with EU counterparties. NYFI and FBX are both compliant. SCFI is not.
Bottom Line
Use SCFI for general market context. Use NYFI for index-linked contracting and financial derivative settlement. If you have European counterparties in any financial contract, BMR compliance is not optional. Intercontinental Exchange (ICE) NYFI futures contracts launched April 7, 2026 settle against NYFI specifically because it is the only container freight index that meets all requirements for financial settlement.
Access NYFI data free at NYSHEX.com.