| COPENHAGEN, Sept 2
COPENHAGEN, Sept 2 The cost of transporting
containers from ports in Asia to Northern Europe and the United
States jumped this week after the collapse of South Korean
Hanjin Shipping Co Ltd.
Container spot freight rates on the world's busiest routes
from Asia to Northern Europe jump 36.6 percent to $949 per
twenty-foot equivalent units (TEU) this week. Rates increased by
51 percent to the U.S West Coast and 45 percent to the U.S. East
Following the Hanjin default there has been a considerable
rise in freight rates, brokerage firm Fearnley Securities wrote
in a note to clients on Friday.
"To our understanding this has been driven by shippers being
reluctant to put their cargoes on Hanjin vessels, whilst ports
are not accepting the vessels as they are afraid of not getting
paid," Fearnley wrote.
A Hanjin spokeswoman said that 44 of its 98 container ships
had been denied access to ports including Shanghai, Sydney,
Hamburg, and Long Beach, California. One ship had been seized,
As the collapse happened in the midst of the peak season it
has spurred a supply shock in a market which, despite poor
freight rates, was characterized as relatively tight, the
Fearnley note said.
(Editing by William Hardy)