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Shanghai – Europe spot container rates jump 24% in a week

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Container freight rates are continuing to rise on capacity and availability crunch with SCFI spot rates to Europe up over 24% in the last week.

The Shanghai Containerized Freight Index (SCFI) Shanghai – Europe reported a rate of $2,948 per teu on Friday compared to $2,374 per teu a week earlier, a jump of 24.2%, and equating to around $6,000 per feu. On the Shanghai – Med trade spot rates were up 28.9% at $3,073 per teu compared to $2,384 per teu a week earlier.

However, spot rates on the transpacific trade which have soared in recent weeks were largely flat. Shanghai – US West Coast was up $1 to $3,948 per feu and $104 to $4,808 per feu to the US East Coast.

The spot rates quoted on the SCFI do not include an increasing number of surcharges being levied by lines related to equipment, congestion and other factors. “Anecdotal evidence already points to de facto rate levels for some shipments of up to $10,000 per feu on Asia-Europe and Transpacific,” Lars Jensen from Sea Intelligence said in post on LinkedIn.

Spot rates from Shanghai to Santos, Brazil hit $5,876 per teu up $5,225 per teu a week earlier.

Overall the SCFI stood at 2311.71 points compared to under 1,000 points earlier in the year.

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