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Suez Canal blockage sparks rate rise to record highs on transpacific

CONTAINER spot rates that peaked in mid-January fell in February and March until the 20,388-TEU ran aground and blocked the Suez Canal for nearly a week, reports Singapore's Splash 247

13 April 2021 - 19:00
CONTAINER spot rates that peaked in mid-January fell in February and March until the 20,388-TEU ran aground and blocked the Suez Canal for nearly a week, reports Singapore's Splash 247.

The Shanghai Containerised Freight Index (SCFI) rose for the first time in many weeks, up by 2.6 per cent to 2,652.12 points.



Rates from Asia to North Europe and the Mediterranean increased, while transatlantic rates and spot prices from Asia to the US east coast increased.



Asia to North Europe spot rates increased to US$3,964 per TEU. Asia to US east coast soared to an all-time high of $5,334 per FEU while transatlantic rates hit a multi-year high of $2,851 per TEU, up 30 per cent week on week.



'Vessels delayed by the Suez blockage will soon start to arrive in ports in Europe and on the US east coast. It's likely that some ports will experience congestion, while other ports could be skipped as the liners would make an effort to minimise delays. Lack of equipment is another expected consequence of the incident,' said brokers Lorentzen & Stemoco.


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