Asia–Europe box rates surge as Drewry index hits 18-month high

Spot container freight rates have climbed to their highest level in 18 months.

According to Drewry’s World Container Index, the composite index rose by 12% in the week to 18 June, reaching $3,969 per 40ft container. Drewry said the increase was driven by higher rates on both the Transpacific and Asia–Europe trades.

For European importers, the sharpest signal came from the main eastbound supply routes out of China. Rates from Shanghai to Rotterdam rose by 15% to $4,342 per 40ft container, while Shanghai to Genoa increased by 12% to $5,756 per 40ft container.

Drewry linked the Asia–Europe increase to strong peak-season demand, with cargo being brought forward ahead of the expected 1 July bunker fuel adjustment. The consultancy said this had enabled carriers to implement surcharges, with further peak season surcharges and higher FAK rates already announced from July.

Drewry also noted that the recent US–Iran interim agreement had improved sentiment in global shipping markets by reducing the perceived risk of disruption in the Strait of Hormuz. However, it said uncertainty remained over implementation and the implications for global shipping.

Drewry expects rates to rise further in the coming weeks.

Source: trans.info