SPOT rates for shipping containers from Asia to northern Europe in the week ending Friday rose a staggering 21 per cent to US$1,508 per TEU.

Asia-Mediterranean rates surged 23 per cent to $1,674 per TEU, according to the Shanghai Containerised Freight Index (SCFI).

Rates on the transpacific trade were flat. Rates from Shanghai to US west coast increased by $16 per FEU to $3,887 per FEU while rates to the east coast increased by $12 to $4,676 per FEU.