SHIPPING & MARINE | Staff Reporter, Hong Kong

Container spot freight rates rise by 4.4% WoW: Jefferies

The Asia-Singapore route marked the highest increase at 10%.

This week’s container spot freight rates have marked another all-time high, increasing by 4.4% WoW, mainly driven by the Asia-Europe and Asia-Mediterranean routes, according to a recently released report from Jefferies.

The Asia-Singapore route recorded the steepest climb at 10% and is also 512% higher since the end of September.

Concurrently, routes from Shanghai to Australia/New Zealand, Singapore, South America, Transpacific, and West Africa also logged all-time highs.

According to Jefferies, container spot freight rates could continue to rise “as carriers announce further rate hikes and surcharges, with rates remaining high until Chinese New Year.”

“Despite COSCO and OOIL share prices rising 21% and 48% last week, we think the sector will continue to be driven in the near term by freight rates rather than valuation,” the report added.

The report also noted that port congestion and ongoing box equipment shortages have worsened.

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