World News
Asia To Northern Europe Box Rates Fall Over 50%
Shipping freight rates for containers out of Asia fell over 50 percent for some routes during the week ended December 4, sources accessing Shanghai Shipping Exchange data Friday told Reuters.
Rates for box shipments from Asia to Northern Europe were down 50.4 percent to $275 per twenty-foot equivalent unit (TEU), the news service said.
The drop comes after spot rates on that route jumped 88 percent the previous week, as shipping firms introduced scheduled rate increases, Reuters noted.
Rates between Asia and the U.S. West Coast were also down, falling 4.8 percent, the news service said, while shipments to the U.S. East Coast were down a similar 4.4 percent.
Rates between Asia and the Mediterranean increased for the week, up 24.6 percent, according to Reuters.
The news comes as Alphaliner recently noted the idle containership fleet of over 500 teu hit a five-year high of 1.24 million teu as at November 16.
The record high is 1.52 million teu in December 2009.
In late November, Ship & Bunker reported that rates on the Asia to Northern Europe route had fallen to $295 per TEU.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 627.50 | 8.00 | 733.50 | 10.50 |
| Rotterdam | 570.50 | 10.00 | 737.00 | 12.50 |
| Houston | 590.00 | 6.00 | 758.00 | 5.50 |
| Fujairah | 627.00 | 5.50 | 878.00 | 9.50 |
| Global 20 Ports Average | 640.00 | 5.50 | 821.50 | 9.00 |
| Global 4 Ports Average | 603.50 | 7.50 | 776.50 | 9.50 |
| Global Average Bunker Price | 693.50 | 2.50 | 881.00 | 4.50 |
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