Spot rates from the Shanghai Containerised Freight Index (SCFI) on the Asia-north Europe route surged 24.6 per cent on Friday from the previous week to US$1,256 per TEU as carriers chimed in with rate hikes ahead of the Chinese New Year cargo rush.

Asia-Med rates were up 6.8 per cent to $1,460 per TEU while on the transpacific, the $600 mid-January rate increase levied by the Transpacific Stabilisation Agreement (TSA) achieved a spot rate boost of 29 per cent before falling $26 to $2,063 per FEU.

FIS Container Derivatives said in its weekly commentary that carriers were trying to get as much as they could before the seasonal market collapse after Chinese New Year, reported Newark's Journal of Commerce.

"Although utilisation is reportedly in the 90 per cent plus range, sentiment is more bearish than it was 12 months ago when many shippers struggled with the huge spike in rates before Christmas," the FIS report said.

Many rate increases and peak season surcharges have been announced recently with Maersk and Evergreen demanding $400 per TEU more from February 1 along with Hanjin wanting an extra $300 while Hamburg Sud demanded $300 per TEU more in a surcharge from February 2.