Freight rates for containers shipped form Asia to northern Europe rose 7.4 per cent to US$1,401 per TEU for the week ending 11 May, marking the third consecutive week of rising freight rates on the world's busiest routes.
The average rate for the year to date stood at US$1,478 per TEU, compared with US$1,244 for the same period last year. The industry has been struggling with overcapacity and too few goods to transport as a result of uncertainty in the global economy.
Hapag-Lloyd, the world’s sixth biggest carrier, said it would try to increase rates on Asia to northern Europe routes by US$750 per TEU from 9 June. Releasing its first quarter results last week, the shipping line said freight rates remain under pressure, despite an increase of 5.5 per cent in transport volume year-on-year to 1.4m TEU in the first quarter.
Hapag-Lloyd’s CEO Michael Behrendt said the company’s success in achieving its 2014 targets would depend on how freight rates developed in the second half of the year, above all during the peak season.
“With the expansion of the G6 Alliance to include all east-west trades, which is currently being implemented in our service network, together with the takeover and integration of CSAV’s container segment, which still has to be approved by the competition authorities, Hapag-Lloyd will again significantly improve its ability to compete,” he said.
