SPOT rates from Asia to north Europe increased 167 per cent last week to US$548 per TEU, according to the Shanghai Containerised Freight Index (SCFI), reported the Journal of Commerce. 

The Shanghai-Med SCFI rate increased 146 per cent from the previous week to $675.

Spot rates on the transpacific fell three per cent to $1,229 per FEU while Asia-US east coast rates were down 1.3 per cent to $2,866 per FEU.

Alphaliner estimates the Asia-Europe breakeven rate for carriers is $800 per TEU, but the spot rate has been above $800 only nine out of the last 24.

The rate increases sought by the Asia-Europe carriers are "K" Line and Yang Ming ($1,000/TEU), Cosco ($1,150/TEU), MOL ($950/TEU), Maersk ($1,150/TEU) and CMA CGM ($1,000/TEU).

As no rate hike sticks more than a week or two, the Ocean Three Alliance has trimmed capacity by withdrawing a service, taking 12,000 TEU a week off the market. OOCL has cut a sailing.