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AFTER falling to a 10-month low last week Asia-Europe spot rates soared 35.1 per cent to US$1,350 per TEU, according to the latest Shanghai Containerised Freight Index (SCFI).
The latest increase marks the highest rates have been on the trade since early last month.
More significant was the 66.1 per cent week-to-week increase on the Asia-Mediterranean trade to $1,199 per TEU, marking the first time rates on the trade have been above the $1,000-per-TEU mark since November 2.
Last month carriers announced that they would increase rates in mid-December on both the Asia-Europe and Asia-Mediterranean trades by an average of $600 per TEU.
Given that the increases this week were $351 per TEU for Asia-Europe and $477 per TEU for Asia-Mediterranean, we may see yet further increases this week in the average spot rate.
Rates on the US-bound trades from Asia also rose last week. Asia-US west coast rates were up 8.9 per cent to $2,199 per FEU, while Asia-US east coast rates jumped 10.1 per cent to $3,380 per FEU.
Across all trades covered by the index the SCFI rose 11.3 per cent to 1,171.98 points.
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