Asia to Europe contract rates soar, but there's pressure on the transpacific

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Asia-North Europe long-term contract rates are 70% higher than a year ago, bringing a big boost to the top line of ocean carriers in their critical third quarter.

According to the latest crowd-sourced data from ocean freight rate bench marker Xeneta, the market average market rate for sailings in August is just over $1,550 per 40ft, but with some rates being agreed at much higher, “premium” levels.

And with all the signs pointing to a strong peak season this year, ships from Asia will ...