Spot container rates from Asia to European ports measured by the Shanghai Containerized Freight Index rose for the first time in 11 weeks in the week ending Oct. 25.
The spot rate from Shanghai to Mediterranean ports edged up 0.4 percent or $3 from the week before to $708 per 20-foot-equivalent unit, according to the latest SCFI data issued by the Shanghai Shipping Exchange. Rates fell by $788 per TEU during previous 10 weeks. The SCFI to the Mediterranean is now off 44.4 percent year-over-year and down 38.9 percent from Jan. 1.
The spot rate from Shanghai to northern European ports climbed 1.4 percent or $9 from the week before to $670 per TEU. Rates to northern Europe had also decreased for the previous 10 weeks, and fell a total of 56.0 percent or $840 per TEU during that slump. The SCFI rate to northern Europe for the week ending Oct. 25 is 49.0 percent below where it was at the same point in 2012, and 47.2 percent lower than at the beginning of 2013.
Several carriers have announced GRIs for Nov. 1 on the Asia-Europe lanes. OOCL, Hapag Lloyd, United Arab Shipping Co., Zim Integrated Shipping Services, Evergreen, CMA CGM, and ANL have all proposed increases of between $750 and $1,000 per TEU, while Maersk Line set a minimum increase of $600 per TEU.