Container spot rates soar 31.9%

The Shanghai Containerized Freight Index rose from a reading of 457.70 last week to a reading of 603.64 this week, as rates from Shanghai to North Europe and the Mediterranean posted sharp increases.    The Shanghai Shipping Exchange’s Shanghai Containerized Freight Index rose 31.9 percent since last week, from a reading of 457.70 to a reading of 603.64, heavily resulting from the rate surges on the Shanghai to North Europe and Mediterranean trades.
   Since last week, rates from Shanghai to North Europe skyrocketed 170.1 percent, from $271 per TEU to $732 per TEU; and rates from Shanghai to the Mediterranean jumped 137.8 percent, from $397 per TEU to $944 per TEU.
   Several major ocean carriers are increasing rates on both the Asia to North Europe and Mediterranean trades May 1 including Maersk Line, CMA CGM, COSCO, CSCL, Hapag-Lloyd, “K” Line and OOCL. In addition, UASC will increase rates from Asia to North Europe May 1.
   Meanwhile, rates from Shanghai to the U.S. West Coast rose 18.2 percent since last week, from $725 per FEU to $857 per FEU. In addition, rates from Shanghai to the U.S. East Coast increased 5.9 percent, from $1,599 per FEU to $1,694 per FEU.