Spot rates for shipping containers from Asia to northern Europe soared 156 per cent to US$703 per TEU in the week ending on Friday, according to the Shanghai Containerised Freight Index (SCFI).

Rates dropped 25 per cent to $585 per TEU from Asia to ports in the Mediterranean, fell 6.4 per cent to $834 per FEU to ports on the US west coast and were down 7.3 per cent to $1,505 per FEU to ports on the US east coast, Reuters reported.

The Asia-Europe increase came as shipping lines levied rate hikes after prices dropped 50 per cent last week.

The week's high percentage growth reflects a chronically low spot rate base, though falling bunker prices have done much to cushion the blow.

Clarksons says transpacific and Asia-Europe volumes will show low single-digit growth in 2016, with demand growth increasing to 5.6 per cent, higher than this year's expected 3.6 per cent, reported IHS media.

However, Citi felt this was too aggressive considering global GDP growth was forecast to rise only 2.8 per cent against 2015's 2.6 per cent.