Asia-Europe spot rates soar despite warning on GRI reliance

The World Container Index’s Shanghai-Rotterdam freight rate assessment increased by US$1,632, or 165%, to US$$2,622 per 40ft box yesterday (4 July), marking the latest of several huge price swings in the Asia-Europe container shipping market.

The move came on the same day that Drewry published its latest quarterly Container Forecaster report, in which it warned carriers to rely less on what it calls “the chronic use of GRI” and pay more attention to minimising surplus capacity at the trade route level to stabilise the shipping market.

‘Future industry health is now being governed by carrier behaviour and psychology rather than the prevailing market fundamentals, which we believe will remain weak for the next two years at least,’ highlights the report.