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CONTAINER RATES ON THE MOVE

Sep 27 2016

The recent boost to the Asia-Europe spot market in the immediate aftermath of the Hanjin collapse was always unlikely to continue, given market conditions, and the latest Shanghai Containerised Freight Index (SCFI) shows rates on the Asia-north Europe and Asia-Mediterranean trades falling by more than 20% to $764 per teu and $667 per teu respectively. But on the transpacific trade, where Hanjin had a bigger market share, carriers have taken full advantage of the sudden premium for slot space on the back of Hanjin’s vessels being pulled from service. Spot rates on routes from Asia to either coast of the US have rocketed since the start of the month and even a slight drop-off on the SCFI last week, where rates on the Asia-US east coast and Asia-US west coast trades fell 0.6% to $2,433 per feu and 0.9% to $1,726 per feu respectively, will do little to dampen the mood of carriers. At the start of the month, freight rates to the US west coast from Asia were as low as $1,153 per feu, while those to the US east coast stood at $1,684 per feu.

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