Asia-Europe rates soar 71pc to US$1,412/TEU as transpacific slips 0.8pc

THE general rate increases slated for March 1 appear to have been a success as Asia-Europe spot rates soared 71 per cent to US$1,412 per TEU, up $586 from the week before, according to the Shanghai Containerised Freight Index (SCFI).

The latest rate hike follows an increase of $115 per TEU the week before last, bringing the increase to $701 in just two weeks, up 98.5 per cent from the rate quoted on February 17.


Rates from Asia to the Mediterranean saw a similar leap of 63 per cent to $1,416 per TEU.


Despite the sharp increases on the Europe and Mediterranean trades, rates to the US east and west coasts continued to creep down last week.


Asia-US east coast fell dipped by 0.2 per cent to $2,916 per FEU, while Asia-US west coast rates slipped 0.8 per cent to $1,759 per FEU.


Across all trades covered by the index the SCFI rose 19.1 per cent to 1163.96 points.