Shippers boost Asia-Europe freight rates in December's pre-Christmas rush

Posted on December 18, 2023   |  

December is witnessing robust Asia-Europe freight rates as shippers rush shipments before Christmas, ensuring sustained strength.

According to the Shanghai Containerised Freight Index on December 8, Asia-North Europe rates rose by 9% to $925/TEU, and Asia-Mediterranean rates increased by 10% to $1,387/TEU, marking two consecutive weeks of growth.

Despite a record 2.2 million TEUs in new building deliveries this year, Asia-Europe backhaul sailings and diversions from the Panama Canal are helping manage the impact.

Rates for Asia-US East Coast saw a slight dip of $5 to $2,441/FEU, while Asia-US West Coast rates rose by $23 to $1,669/FEU. 

This shift is influenced by a quota on Panama Canal crossings, redirecting some Asia-US East Coast sailings through the Suez or around the Cape of Good Hope.