THE latest spate of general rate increases on the Asia-Europe container trades are largely sticking, according to Drewry, indicating that shipping lines have been able to sustain most of the gains experienced from the mid-December GRI.
The Shanghai-Rotterdam Container Freight Rate weekly benchmark, published by World Container Index, slid by less than 2 per cent to US$2,978 per forty-foot container (FEU) on January 2 on the previous week.
Drewry expects the GRI scheduled in January to lift rates further "if supported by a pre-Chinese New Year demand rush."
An analysis of the Shanghai-Rotterdam benchmark in 2013 shows that rates stood at $2,397 per FEU on January 3 and a year later had increased by 24 per cent.
However, during the intervening 12 months they were subjected to a rollercoaster ride as carriers announced GRIs only to see the resulting gains gradually whittled away in the subsequent weeks and even drop well below pre-hike levels.
On April 18 rates dipped under the $2,000 mark for the first time in 2013. More deterioration followed, and rates reached a low point for the year at $990 per FEU on June 27.
A hefty GRI in early July halted the decline spectacularly, the benchmark leaping by 165 per cent within a week to $2,622 per FEU.
However, most of the ground gained was again lost. A November GRI stopped the slide, around half of the hike sticking and a fresh GRI in December saw rates end the year just above $3,000 per TEU.
