Port congestion pushes up Asia-Europe rates
- Freight rates elevated on early 2025, but still down some 50% on last year
- Northern European hubs like Rotterdam and Antwerp face vessel backlogs, with delays expected until at least August
- Market conditions remain highly unpredictable
Asia-Europe spot rates hit four-month highs amid a prolonged period of congestion that is keeping prices elevated. Forecasts for rates to come down in the coming week could prove to be premature, as potential rise in bunker costs due to rising Israel-Iran tensions could see more surcharges for shippers
