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Container rates soar to 20-month high

Spot rates on the 11 major East-West routes between Asia and Europe climbed to a 20-month high this week, according to Drewry's World Container Index. Further rate increases are expected in the week to come.

Photo: Port of Philadelphia

The spot rates on the major container routes from Asia to Europe climbed this week to the highest level registered in the past 20 months, a development which also marked the highest average increase in five years, reports Drewry in the analyst firm's World Container Index (WCI).

Drewry adds that many factors indicate further hikes in the spot rates next week, citing especially growing cargo volumes ahead of the Chinese New Year.

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