Due to the global economic downturn, freight rates from the Far East to Europe have collapsed over the last few months by around 90% from their peak in January 2008. The current rates however, do not cover the operating costs of the shipping lines and cannot be sustained if service levels are to be maintained or worse some lines go out of business.

On this basis, the majority of shipping lines have advised that they will be looking to increase rates with effect from 1st April on this trade lane. Each line is advising of their intended increase and these range between US $200 and $350 per 20ft container.