Still below 5-year average, but rates up 102pc over last year, says Drewry
DREWRY's latest World Container Index spot rate survey of major east-west trades lanes between the US, Europe and Asia has increased 102 per cent over last year.
The composite index has averaged US$1,602 per FEU, double where it stood a year ago, but still $118 lower than the five-year average of $1,721 per FEU, says London-based Drewry Maritime Research index.
Spot rates from Europe to Asia last week rose 10 per cent from the previous week, the fourth straight weekly increase, "because of a space crunch at European ports, which we expect to persist till end-May."
Westbound Asia-Europe rates, on the other hand, slipped one per cent last week. Rates from Asia to the US also fell four per cent from the previous week as "shipping lines failed" to implement the mid-April rate hikes.