Abstract: In this paper, we introduce the complex network theory and Granger causality approach to build the Granger causality network of Shanghai (Export) Containerized Freight Index (SCFI) from 13 routes. We explore the sub market of SCFI's market position, function and transmission characteristic from a systematic prospective. Our findings are as follows. The fluctuation's average transmission distance is short and therefore the speed is fast among SCFI freight routes. Different route has different fluctuation which is differed by impact range, intermediation capacity and cohesion. The fluctuation network of all 13 freight routes can be divided into 4 different clusters which include different quantities, degree of connection and intermediation capacity. The main routes: cluster 2 and 1 transmit the fluctuation to cluster 3 and then cluster 4. The above findings suggest the port and shipping administration together with the shipping enterprises need to closely monitor the shipping market fluctuation and take advantage of this factor as an important part of making precise management decisions.

Key words: waterway transportation, fluctuation transmission, container shipping, freight index, complex network theory