Drewry has reported that spot container freight rates from North Europe to China have just hit a four-year high after jumping by over 45% during last week (commencing March 6).
Its “World Container Index” market reading on the Rotterdam-to-Shanghai trade jumped to US$1 076 per 6 metre (40 foot) dry container, from US$740 last week.
Philip Damas, head of Drewry’s logistics practice, said: “Our sources reported that ships are currently full and that carriers have demanded much higher rates – only some prior rate agreements remain in place.”
The shipping consultant pointed out that it was highly unusual for the “backhaul” route from Europe to Asia – where vessels normally have load factors of less than 70% - to see such spikes in rate levels and capacity shortages.
In Drewry’s opinion, the sailings cancelled by carriers in China following Chinese New Year contributed to a capacity crunch which has now reached Europe.
