Long-term contract rates on the Asia-Europe container trade have been significantly looking up, according to analysts studying data, with the figures nearly 70% higher compared to last year.
They have attributed this to the improving global economy, with the International Monetary Fund, in its World Economic Outlook, pointing out that the global economy is showing signs of solid and steady growth, with China, India, Japan and major economies in Europe being the driving forces.
As a result, carriers on the Asia-Europe trade are heading for a vastly improved year because of the steady growth in container volume. Here it is important to note that South Asia to Europe is considered a top container growth market.
As per available data, the average market rate for sailings in August is just over USD 1,550 per Twenty Foot Equivalent Unit (TEU). Some rates, however, have also been agreed at much higher levels, reports said.
The rest of the year, too, looks bright as a strong peak season is expected, analysts said.
Source: IchainnelPrevious Next