THE Shanghai Containerised Freight Index (SCFI), all-in spot rate from Shanghai to northern Europe increased by US$221 compared with a week earlier to reach $1,305 per TEU, the highest since mid-February.

Shanghai to Mediterranean services had prices surge $214 in a week to $1,458 per TEU. Average weekly prices were $1,547 per TEU this year compared with $1,199 per TEU last year.

Carriers levied a general rate increase averaging $500 per TEU from May 1, though some carriers put it off till May 15. But carrier confidence is growing with reports that space is tightening and utilisation is more than 90 per cent.

Last week, there was an unexpected jump in prices on the trade lane, with brokers suggesting a surge in cargo had caused certain carriers to form container roll pools because of a lack of space on ships.

On the transpacific trade lane, prices for cargo moving from Asia to the US west coast this week slipped $9 week to week to $1,913 per FEU, and to the east coast prices stayed at the same level as a week earlier at $3,328 per FEU.