US west coast rate falls 11.2pc to US$399/TEU while USEC up 12.7pc
SPOT rates from the Shanghai Containerised Freight Index (SCFI) on the Asia-north Europe route fell 11.2 per cent week to week on Friday to US$399 per TEU while the Asia-Mediterranean rate dropped 9.2 per cent to $607 per TEU.
SCFI rates to the US west coast increased 12.7 per cent week to week on Friday to $2,178 per FEU. SCFI rates to the east coast have been above $4,000 per FEU for five weeks for the first time since 2010. Last week's rate is 28.6 per cent higher year on year.
Container freight broker FIS said that the latter represents a massive 326 per cent increase on current market levels.
"The sheer magnitude of the increase is nothing short of ludicrous," said FIS's Richard Ward.