Container Rates Surge on Asia-Europe, Trans-Pacific Routes

Container shipping rates from Asia rose sharply last week, climbing to roughly one-year highs as fuel costs increased and congestion built at several Asian ports. A 40-foot container to North Europe reached $3,649, up 27 percent in one week, according to Zenita data. Rates to the US West Coast rose 20 percent to $3,933 on the same route. Zenita reported that Asia-US prices have climbed 109 percent since late February, while Europe-bound rates increased more than 50 percent. Drewry data showed short-term spot prices at approximately one-year highs. Port congestion at Singapore and Malaysia's Klang Port contributed to shipping delays, the data showed. Carriers are also applying fuel surcharges amid higher energy costs. Demand ahead of the peak season added to upward pressure on rates.