Asia-Europe Spot Rates Drop 6.4 PercentCreated by HButler on 2/2/2012 6:25:23 PM
Average spot rates on the Asia-Europe trade lane dropped this week for the second week in a row, even as carriers including Maersk Line, OOCL and Hanjin announced rate increases in coming months.
The World Container Index of freight rates on the trade between Shanghai and North Europe dropped by 6.4 percent this week to $1,279 per 40-foot container, down $87 per container from the week before.
Asia-Europe spot rates have been falling for the last year as the introduction of huge new containerships on the trade outpaced demand for cargo space.
This week’s WCI for spot rates on the Asia-Europe trade was 49.3 percent, or $1,245 per FEU lower than in the same week last year, when the average rate was $2,524.
- Peter T. Leach, The Journal of Commerce.