ShippingWatch

Asia-Europe price war pushes rates to new low

Spot rates on the Asia-Europe trade fell this week by USD 58 to USD 284 and reached yet another new low. According to Clarksons Platou, the current rates only just cover the cost of fuel.

There is no good news for container shipowners in this week's numbers from the Shanghai Shipping Exchange, where the spot rates on the significant Asia-Europe trade took yet another dive, this time USD 58 to USD 284 per teu, writes Clarksons Platou.

Several carriers had warned of general rate increases of between 800 and 1000 per teu June 1, but apparently this has not been successful to pull through. According to the analyst agency, the rates have now dropped below the average Bunker Adjustment Factor (BAF) of about USD 360 per teu and are very close to the actual cost of bunker of USD 260 per teu, according to the estimate.

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