Asia-Europe spot rates up 26.5pc as November rate hikes take effect

AVERAGED Asia-Europe spot rates increased 26.5 per cent as some Asia-Med and Asia-north Europe rates more than doubled when November 1 rate increases came into effect.

The Shanghai-north Europe rate soared 112.4 per cent to US$1,423 per TEU and spot rates increased to $1,499 per TEU, bringing back prices not seen since August.

Before November 1, the Shanghai-Rotterdam container freight rate benchmark, published by World Container Index and assessed by Drewry, was only $6 per FEU higher at $1,284.

Rates on most other trades showed little change, according to the Shanghai Containerised Freight Index (SCFI), though the China-South America rate increased 85 per cent.