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CONTAINER RATES HOLD FIRM

Nov 10 2016

Spot market prices on the Asia-Europe trade held firm in early November in the lead up to the winter slack season, with rate erosion minimal in comparison with previous post-GRI slumps, marking a positive indicator for lines currently locked in annual contract negotiations for next year. The latest Shanghai Containerised Freight Index estimated Asia-northern European spot rates, using Shanghai as a base origin port, at $915 per teu this week, representing a fall of 4.7% over the previous week, but they remain 26% higher than this time last year. Drewry’s composite World Container Index, covering actual rates traded for Shanghai-Rotterdam was up 19% on the back of the 1 November GRIs (general rate increases) to $1,696 per feu, a level some 67.7% higher than this time last year.

Asia-Europe contract rates for 2017 are likely to come in around 25% higher than those agreed for the current year.

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