Westbound transatlantic helped by strong U.S. dollar

Drewry says, however, additional capacity could keep rates in check.    The westbound transatlantic trade grew 8.4 percent in 2014, with volumes in the fourth quarter 12.6 percent higher than in the same 2013 period, London-based Drewry said.
   In the latest issue of its Container Insight Weekly, Drewry said, “The late surge was given a shove from the dollar’s strengthening against the euro. Over the course of 2014, the two currencies’ average exchange rate was virtually unchanged, but the euro did fall by around 6 percent against the dollar in the fourth quarter.”
   Drewry said traffic from North Europe to the United States rose 9.2 percent to 1.9 million TEUs; to Canada,  6.9 percent to 600,000 TEUs; and to Mexico, 6.4 percent to 300,000 TEUs.
   “As much as the weaker euro in the later stages of 2014 helped westbound volumes, it had the opposite effect on eastbound box traffic. North European imports fell by 7.1 percent year-on-year in the fourth quarter, which dragged down the annual growth to virtually zero,” Drewry said.
   Drewry said, despite the strong growth, “westbound rates are not as high as could be expected and carriers might struggle to fully implement” upcoming general rate increases and peak season surcharges because of more capacity and new competition such as the new transatlantic service between CMA CGM, Hamburg Süd and United Arab Shipping Co.