SHANGHAI Shipping Exchange spot rates from Asia to Northern Europe increased more than nine per cent last week after three weeks of decline with the Shanghai Containerised Freight Index rising to US$1,360 per TEU from $1,240
Asia-Europe rate up 9.7pc to US$1,360 per TEU, first rise in 3 weeks
SHANGHAI Shipping Exchange spot rates from Asia to Northern Europe increased more than nine per cent last week after three weeks of decline with the Shanghai Containerised Freight Index rising to US$1,360 per TEU from $1,240 the week before, but rates were still below the 2012 average of $1,378.
"We are hearing reports of a lack of space and vessels utilised to 97 per cent so at the moment at least it's looking strong," said ICAP Shipping derivatives broker Richard Ward in London.
Freight rates nearly tripled in June from depressed levels but fell back sharply in July, noted Reuters.
Said Sydbank analyst Jacob Pedersen: "It supports our expectations that Maersk Line will be able to lift profit this year."
Maersk Line plans to raise rates by $300 per TEU from August 1.
SeaIntel said capacity would grow 10 per cent this year as shipping lines take advantage of depressed shipbuilding prices and buy bigger and more fuel efficient vessels.
Maersk took delivery of the first of 20 new mega ships, the first 18,000-TEUer taking its first payload to Europe and the company expects another four vessels from South Korea's Daewoo Shipbuilding and Marine Engineering Company (DSME) this year.