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Spot rates set to spike as strikes and congestion hit N Europe

By June 10, 2022July 28th, 2023No Comments

Despite a softening in demand, container spot rates from Asia to North Europe could be set to spike in the coming weeks, as North European hub ports suffer chronic yard congestion as well as threats of industrial action by dockers.

According to the Ningbo Containerized Freight Index (NCFI) commentary, freight rates from Asia to Europe reflected “stable supply and demand fundamentals in the market” and were therefore virtually unchanged on the week.

Readings for North Europe from the FBX, WCI and XSI indices were $10,692, $9,799 and $10,414 per 40 ft respectively, albeit that for now carriers are not demanding premium fees for equipment and guaranteed shipment on top.

Notwithstanding the latest data from CTS, showing a slump of 8% for European imports in April, the main North European container hub ports have become overwhelmed with import boxes and are suffering yard density numbers of 80% to 90%.