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Shipping rates see post recession recovery

A new report has suggested that shipping rates are starting to recover as the world’s economies ease further out of recession. 

According to Drewry Shipping Consultants, rates recovered by three per cent in the year leading up to November 2009 thanks to disciplined pricing strategies which pushed for rate increases. Philip Damas, Drewry Supply Chain Advisors’s managing director, said that on routes to Europe from Asia shippers were being asked to agree to higher annual contract rates for 2010. The report also found that pricing had also began to rise sharply in the second half of 2009. 

It discovered that average spot prices grew by 18 per cent between July and September and a further six per cent between September and November 2009.

Carriers also recently announced that rate increases would also be occurring on routes from the Far East to North Europe by the end of February 2010.

Despite these rises, freight-shipping rates are still 20 per cent below their 2007 peak.

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