Far East to US Carriers Gain as Rates Improve

Singapore's Neptune Orient Lines set for highest close in a month after the spot rate for container cargo to the U.S. west coast rose higher

Bloomberg informs that Neptune Orient gained as much as 3.3 percent to S$1.085 in Singapore.

China Shipping Container Lines, the country’s second-biggest shipping company, rose as much as 10.3 percent to HK$1.92 in Hong Kong, the biggest gain since May 15.

Spot rate to move cargo to the U.S. west coast jumped $333 per 20-foot container last week to $2,658, the highest price since August 2010, according to the Shanghai Shipping Exchange. Container lines are filling about 95 percent of their space, according to Shinyoung Securities Co. in Seoul.