Spot container rates rise on Shanghai to Europe, U.S. trades

On the Shanghai to Europe trade, spot container rates have finally stopped their weeks-long slide, rising 9.3 percent since last Friday to $744 per TEU as multiple carriers plan to implement rate increases on the trade Nov. 1.    The Shanghai Shipping Exchange’s Shanghai Containerized Freight Index rose 8 percent since last Friday’s reading of 747.38 to a reading of 806.81.
   Spot rates from Shanghai to Europe are finally starting to pick up after several weeks of declines, with rates on the trade rising 9.3 percent since last week, from $681 per TEU to $744 per TEU as multiple carriers are planning to implement rate increases on the trade Nov. 1.
   However, spot rates from Shanghai to the Mediterranean fell 0.9 percent since last week, from $646 per TEU to $640 per TEU.
   Meanwhile, spot rates from Shanghai to the U.S. West Coast rose 10.7 percent since last week, from $1,366 per FEU to $1,512 per FEU, while spot rates from Shanghai to the U.S. East Coast skyrocketed 18.2 percent, from $1,755 per FEU to $2,075 per FEU.