Container shipping rates
The latest data released by Xeneta, an ocean freight rate measurement platform, revealed that spot rates for ocean freight container shipping are expected to rise further,
Spot prices on major trades outside the Far East rose again on June 15, but to a less dramatic extent than seen in May and early June
According to data from Xeneta, average spot rates from the Far East to the West Coast of the United States are set to rise by 4.8% to reach $6,178 per 40-foot equivalent container (FEU).
From the Far East to the US East Coast, prices are set to rise by 3.9% to $7,114 per FEU. Again, this is a much less dramatic jump than when interest rates rose 15% on June 1.
Average spot prices from the Far East to Northern Europe are set to rise by 10% to $6,357 per FEU.
Although it is smaller than the 20% jump on June 1, it still represents a significant mid-month increase and can be viewed as a very important bullish market move in isolation
Compared to mid-December last year before the outbreak of the conflict in the Red Sea, average spot prices from the Far East to the US West Coast rose by 276% and 316% to northern Europe - a huge financial blow for Europe, said Xeneta's chief analyst.
“With continuing conflict in the Red Sea region, congestion in Mediterranean and Asian ports, equipment shortages and shippers loading imports early ahead of the peak season in the third quarter, pressure within the sea freight container shipping system remains at acute levels
