SeaNews Turkey - Drewry: Asia-Europe rates up 114pc and should hold up for some time

Friday, 24.May.2013, 12:31 (GMT+3)

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Drewry: Asia-Europe rates up 114pc and should hold up for some time

Drewry: Asia-Europe rates up 114pc and should hold up for some time

LONDON's Drewry Shipping Consultants says shipping lines have been largely success in making enormous freight rate increases - averaging 114 per cent - stick despite lingering overcapacity in the market.
Saturday, 03.Mar.2012, 00:49 (GMT+3)

LONDON's Drewry Shipping Consultants says shipping lines have been largely success in making enormous freight rate increases - averaging 114 per cent - stick despite lingering overcapacity in the market.

Drewry's World Container Index's subcomponent for freight rates on Shanghai to Rotterdam trade jumped to US$2,732 per FEU from $1,276 a week earlier, Drewry told Bloomberg.

"Our view is that there'll be a reduction of spot rates next week, but container shipping lines have withdrawn enough capacity from the Asia-Europe trade to support some net rate increases over a fair period of time," said Drewry director Philip Damas. "We will need to see whether these rate increases will stay or erode over time."

Maersk Line, the world No 1 container shipping line, said increased rates were needed to restore profitability after the company lost $521 million last year. To bolster rates, Maersk has cut capacity nine per cent on its key Asia-Europe route.

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