Monday, 9 December 2013 00:00
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COPENHAGEN, (Reuters): Shipping rates for transporting containers from ports in Asia to Northern Europe fell 1.3% to $ 987 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.
The container shipping industry has been struggling with over capacity as a result of the economic downturn and rates have yet to stabilise.
In the week to Friday, container freight rates dropped by 2.9% on routes from ports in Asia to ports in the Mediterranean, by the same amount to ports on the US west coast and by 1.7% to ports on the US east coast, the source said. Maersk Line, global market leader with nearly 600 container vessels and part of oil and shipping group A.P. Moller-Maersk , has said it will attempt to hike rates on routes from Asia to Northern Europe by $ 750 per TEU with effect from 15 December, a 75% increase if it is successful.
Competing liners such as Zim Lines, controlled by Israel Corporation, Chinese Orient Overseas Container Line, Korean Hanjin Shipping and German-based Hapag-Lloyd have also announced rate hikes between $ 750 and $ 800 with effect from mid-December.
