Asia-Europe Freight Rates Fall 10 Percent, Hit Year Low

Image (c) Maersk

COPENHAGEN, Oct 10 (Reuters) – Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 10.2 percent to $738 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.

It was the fourth consecutive week of falling freight rates on the world’s busiest route and it is the lowest level since Oct 25 last year. Container freight rates have so far increased in 11 weeks this year but fallen in 29 weeks.

Average rates for 2014 are $1,225 per TEU compared with $1,090 last year. The comprehensive index fell 2.6 percent to $911.03 per TEU.

Maersk Line, the global market leader with nearly 600 container vessels and part of Danish oil and shipping group A.P. Moller-Maersk, was one of the few container shipping companies to make a profit last year.

The Danish shipping company controls around one fifth of all transported containers from Asia to Europe. (Reporting by Ole Mikkelsen; editing by Sabina Zawadzki)

(c) 2014 Thomson Reuters, All Rights Reserved

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