Asia-Europe Box Rates Slip 10 pct Last Week

Freight rates for shipping containers from Asia to northern Europe fell 10 percent to $233 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.

It was the fifth consecutive week of falling freight rates on the world's busiest route. Rates are at their lowest since June 19, and widely seen as at loss-making levels.

Rates dropped 20 percent from Asia to ports in the Mediterranean, jumped 15 percent to ports on the U.S. west coast and were up 9 percent to ports on the U.S. east coast in the period.

Maersk Line, the world's biggest container shipper with more than 600 container vessels and part of Danish oil and shipping group A.P. Moller-Maersk, is the most profitable of the 10 largest container shipping companies.

Container spot freight rates have so far increased in 8 weeks this year but fallen in 31 weeks.

 

Reporting by Ole Mikkelsen