The Shanghai Containerized Freight Index continued to drop in European lanes three weeks after a general rate increase was implemented by Asia-Europe carriers. On March 15, around 60 percent of a proposed $700-per-TEU increase was achieved, but much of the gain was given back over the past three weeks.
In the report released April 3, rates to northern European ports were shown to be down 6.1 percent or $70 per TEU from the week before to $1,070. Spot rates are down 24.8 percent or $353 since the initial March 15 GRI that raised the rate to $1,423. The current index to northern Europe is 40 percent lower than it was at the same point in 2012, when it stood at $1,770, and 15.7 percent lower than it was on Jan. 1.
Rates from Shanghai to Mediterranean ports fell 4.9 percent or $55 this week to $1,073. This put the spot rate down 21.4 percent or $293 from $1,366 on March 15. The index is currently 39.3 percent lower year-over-year and 7.3 percent below where it was at the beginning of 2013.
The next attempt at a rate increase in this trade lane is scheduled for April 15 for carriers such as Hapag-Lloyd, Maersk Line, MSC and Cosco.