SCFI: Asia-North Europe Spot Rates Soar

Spot freight rates from Asia to northern European ports measured by the Shanghai Containerized Freight Index jumped 174 percent in the week ending June 28, only days before a July 1 general rate increase. It was the highest increase ever in this lane. On July 1, carriers such as CMA CGM, Hyundai Merchant marine, Hapag Lloyd, Maersk, MSC, and OOCL plan to increase their rates in this lane by between $925 and $1,000 per 20-foot container. They have nearly reached the goal with this week’s increase of $895 per TEU.

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