Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped by 26 percent to $591 per 20-foot container (TEU) in the week ended on Friday 28 August, data from the Shanghai Shipping Exchange showed.
The rise in freight rates came after all major container shipping lines implemented a price increase which had been announced earlier.
Freight rates on the world’s busiest shipping route have fallen sharply this year, due to overcapacity in available vessels and sluggish demand for goods to be transported. Rates usually deemed profitable for shipping companies on the route are at about $800-$1,000 per TEU.