Freight rates on main trade take an upward jump

As capacity supply is reduced the spot rates on the Asia to northern Europe trade have taken a tidy upward jump.

They leapt up by 270% to hit a new high of US$1 109 per TEU in the week ended last Friday.

Meanwhile, on the Asia-Mediterranean leg, the Shanghai Containerised Freight Index (SCFI) rates jumped 178% to $1 119 per TEU, the highest rate since February but still down 24% year-on-year.

The capacity cut comes from more than 50 voyages, or 10% of all Asia-north Europe sailings, being cancelled during the first half of the year - the highest rate of sailing cancellations ever recorded on the trade.

Sources: IHS Maritime News and Alphaliner