RATES edged up marginally on all major east-west trades last week as Asia-Mediterranean rates lead the way with a 2.4 per cent increase to US$772 per TEU, according to the latest Shanghai Containerised Freight Index (SCFI).

Asia-Europe rates, which had been as low as $490 per TEU only a few weeks ago, rose by $3 from the previous week to $733 per TEU, up 0.4 per cent.

On the transpacific trade freight rates from Shanghai to the US west coast rose 0.5 per cent to $1,822 per FEU, while east coast rates rose 0.6 per cent to $2,960 per FEU.

The SCFI across all trades also rose 0.6 per cent during the week to 981.05 points.

The latest round of rate increases are significantly down from prior weeks as many shipping lines had already issued their pre-Chinese New Year surcharges, said UK-based shipbroker GFI Group.