SPOT container rates from Asia to Europe measured by the Shanghai Containerised Freight Index (SCFI) increased last week following a series of US$500 per TEU rate hikes announced for August 1.
SPOT container rates from Asia to Europe measured by the Shanghai Containerised Freight Index (SCFI) increased last week following a series of US$500 per TEU rate hikes announced for August 1.
Transpacific spot container rates to the US east and west coasts increased following August 1 peak-season surcharge of $400 per FEU to the US west coast and $600 to the east coast announced by the Transpacific Stabilisation Agreement.
On the Asia Europe trade lane, gains were made, but lower than carrier objectives.
"Carriers will be happy given that rates are now just above $1,500, which not many in the market would have expected at the start of the year," said analyst Richard Ward of the container derivatives firm ICAP.
The spot rate from Shanghai to northern European ports jumped 10.4 per cent or $141 this week from the week before to $1,501 per TEU, the highest rate since August 17, 2012. The current SCFI index to northern Europe is 12.2 per cent below where it was at the same point in 2012, but 18.2 per cent higher than at the beginning of 2013.
The spot rate from Shanghai to Mediterranean ports soared 21 per cent or $259 in the week ending August 2 from the week before to $1,493 per TEU, according to the latest SCFI data.
Transpacific spot rates, from Shanghai to the US west coast increased 6.5 per cent, or $127, from the previous week to $2,069 per FEU, according to SCFI data.
"Unlike Europe, the success of the increases in the US trades was less substantial, with fewer than half of the increases coming into force," said Mr Ward.
The spot rate to the US east coast rose 7.3 per cent, or $240 per FEU, to $3,513, in the latest week. The current rate is down 12 per cent from the same week in 2012 but up 4.6 per cent, or $155, from the beginning of 2013.
