Asia-Europe spot rates rise for second straight week to US$823 per TEU

THE freefall in Asia-Europe freight rates has come to a halt as spot rates rose for a second week to an average price of US$823 per TEU, according to the Shanghai Containerised Freight Index (SCFI).

The $17 week-to-week increase, up 2.1 per cent from the previous week, also marks the highest increase on the trade in 2011.


But London ship broker ACM Shipping argues that the gain is not sufficient to justify "a full implementation of a GRI [general rate increase]" that has been slated for August 15 on the trade.


Asia-Mediterranean rates were also up, according to the index, rising by an impressive 3.2 per cent from the previous week to $966 per TEU.


Spot rates from China to the US were not as positive, with US east coast rates down 0.4 per cent to $3,081 per FEU and west coast rates down 1.1 per cent to $1,567 per FEU.


ACM Shipping says it believes the latest SCFI data does not bode well for TSA`s proposed peak season surcharge, which was announced last week.