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SeaIntel: Worst year for Asia-Europe since financial crisis

Spot rates on the major container carriers' main vein, Asia-Europe, continue to dive in spite of the latest attempts at raising prices. The tradelane is in the final stages of the worst year since the financial crisis, says SeaIntel.

Photo: Hanjin

The container carriers' repeated attempts at raising spot rates on the vital Asia-Europe route failed again with the latest announced GRI (General Rate Increase) on September 20. Instead the rates continue to dive in a market plagued by sliding demand and massive overcapacity.

The announced rate increases of around USD 500-600 per teu were thus not able to prevent the rates from dropping further in the past week. The SCFI (Shanghai Containerized Freight Index) spot rates for Asia-North Europe declined another USD 143 to USD 313 per teu.

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