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November price hike possible as Asia-Europe rates hold firm
AVERAGE container spot rates on the Asia-Europe trade held relatively firm last week as demand and utilisation levels showed signs of picking up and carriers managed to stem the recent trend of price declines witnessed over the past month.
There were concerns that rates on the Asia-north Europe trade would follow those of the Asia-Mediterranean last week in reaching yet another all-time low in the lead-up to the next round of general rate increases (GRIs), effective November 1, according to Lloyd's Loading List.
But the latest Shanghai Containerised Freight Index (SCFI) shows that spot market rates on the Asia-north Europe trade fell by an average of 0.9 per cent to US$231 per TEU, while those to the Mediterranean actually climbed marginally by 3.6 per cent to $202 per TEU.
Freight Investor Services broker, Richard Ward, said utilisation levels were reasonably high over the past week and, as such, initial expectations are that carriers' planned GRIs will at least be partly successful.
"Carriers will certainly be hoping so, given that rates currently stand 67 per cent lower than the same period of 2014," he said.
Several carriers are pushing for GRIs of between $750 and $1,200 per TEU, including Maersk Line, CMA CGM and Hamburg S黡.
Meanwhile, on the transpacific trade the success of last week's planned GRIs proved to be short-lived after rates dropped back down to a level that in effect negated any gains made.
There were concerns that rates on the Asia-north Europe trade would follow those of the Asia-Mediterranean last week in reaching yet another all-time low in the lead-up to the next round of general rate increases (GRIs), effective November 1, according to Lloyd's Loading List.
But the latest Shanghai Containerised Freight Index (SCFI) shows that spot market rates on the Asia-north Europe trade fell by an average of 0.9 per cent to US$231 per TEU, while those to the Mediterranean actually climbed marginally by 3.6 per cent to $202 per TEU.
Freight Investor Services broker, Richard Ward, said utilisation levels were reasonably high over the past week and, as such, initial expectations are that carriers' planned GRIs will at least be partly successful.
"Carriers will certainly be hoping so, given that rates currently stand 67 per cent lower than the same period of 2014," he said.
Several carriers are pushing for GRIs of between $750 and $1,200 per TEU, including Maersk Line, CMA CGM and Hamburg S黡.
Meanwhile, on the transpacific trade the success of last week's planned GRIs proved to be short-lived after rates dropped back down to a level that in effect negated any gains made.
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