News / Asia-North Europe rates jump to nearly $1,000 as the next round of GRIs looms

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Spot freight rates on the Asia-Europe trade shot up today, in advance of the next round of general rate increases (GRIs) due on November 1.

The Shanghai Containerised Freight Index’s (SCFI) Shanghai-North Europe rate saw a near-fourfold increase, jumping to $988 per teu, an increase of $757 per teu from last week’s level of $231 per teu.

That is highest SCFI North Europe spot rate for 13 weeks, although FIS container derivatives broker Richard Ward put it into perspective: “Despite the latest ...