Asia-N.Europe Boxship Freight Rates Soar

Freight rates for the shipping of containers from Asia to Northern Europe jumped by 151 percent per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.

The rise reflects the general rate increases earlier announced by major container shipping companies.

The increase in spot rates came after 13 consecutive weeks of falls on the world's busiest route. In the previous week rates stood at $343 per TEU - the lowest level since the index was launched in 2009.

In the week to Friday, container freight rates rose 9.1 percent from Asia to ports in the Mediterranean, fell 7.6 percent to ports on the U.S. West Coast and fell 8.2 percent to ports on the U.S. East Coast.

Maersk Line, the world's biggest container shipper with more than 600 container vessels and part of Danish oil and shipping group A.P. Moller-Maersk, is the most profitable of the 20 biggest players after a cost-cutting plan that has reduced its cost per unit by more than five percent.

The Danish company transports around a fifth of all containers that are shipped from Asia to Europe.

Reporting by Ole Mikkelsen