FREIGHT pricing has almost doubled on the Asia-South America trade lane in the second quarter after announced rate increases, but not before capacity cuts to put pressure on demand for space.
The latest figures from the Shanghai Containerised Freight Index show that freight rates between Shanghai and the east coast of South America in the week starting June 9 rose to US$1,058 per TEU from $619 a week earlier.
But rates on the trade lane have been low for most of the year, with the average weekly price at $1,089 per TEU, compared with $1,802 per TEU year on year, and far less than the $1,500 seen in 2012, reported Lloyd's List.
They are also behind year-ago levels, when rates of $1,122 per TEU were recorded in mid-June 2012 when prices stood at $1,958 per TEU.
The increase is in line with a general rate increase that is due to come into effect in mid-June.
Since May, Maersk Line, with 18,085 TEU of weekly container shipping capacity, has been aiming for a rate hike of $750 per TEU, beginning June 15.
Ocean liners have been reducing capacity on the trade lane since the end of the first quarter.
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