Spot rates on key East-West routes to the ports of Europe, North America and the Persian Gulf sharply increased last week, according to the Shanghai Containerized Freight Index (SCFI). The index value for the ports of northern Europe increased by 16% at the end of Week 17, reaching a value of 1,021 USD per TEU. The index rates for the Mediterranean ports increased by 20% during the reported period and reached value of 1,011 USD per TEU. The growth of freight rates on container carrier started rising sharply after getting into force the vessel sharing agreement of the container alliances, which brought total mess on East-West routes.
According to the online monitoring service of freight rates Xeneta, last week the rates on the return route from Northern Europe to Asia exceeded the rates in the main direction by 17%. The current level of spot rates from Europe is 1,919 USD for FEU, which is 279% more than an year ago.
Spot rates for transportation from Asia via the Pacific Ocean last week rose for the first time since mid-January. The container rates on the ports of the western coast of the USA increased immediately by 21% and amounted to 1,606 USD per FEU, in the direction of the ports of the east coast rates increased by 14% to 2,625 USD per FEU.
More about container shipping after entering in force of shipping alliances:
Lack of containers and delaying export in Europe after entering in force of shipping alliances [29/04]