Freight rates up 60 percent on Asia-Europe

12/17/2013 9:42:22 AM

Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose 60.7 percent to US$1,586 per TEU last week, a source with access to data from the Shanghai Containerized Freight Index told Reuters. Friday's freight rate rise follows five straight weeks of declines, and is not a complete surprise since Maersk Line and other major container shipping companies announced a rate hike with effect from December 15. Denmark's Maersk Line has a market share around 20 percent on the busy route between Asia and Europe.   Cargonews Asia

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