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Jan 16 2017

Freight rates on the major east-west trades have continued to rise into 2017, taking two key container price indices to 20-month highs and fuelling optimism among carriers over the year ahead after a dismal 2016 for lines. After the previous week’s Shanghai Containerised Freight Index (SCFI) provided an indication that carriers had managed to push through general rate increases on both the transpacific and Asia-Europe trades, Drewry’s World Container Index composite index last week rose above $1,700 this week for the first time since the 2015-2016 ‘price war’, to $1,770 per 40 ft container. The biggest jump was reported on the transpacific trade, where Drewry’s Hong Kong-Los Angeles spot rate jumped 42% to a two-year high of $2,361 per feu, while the Shanghai-Rotterdam index was up 13% ($257) to $2,210 per feu.

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