The strong growth in demand on Asia-Europe routes appears to have exceeded the expectations of shipping lines and freight forwarders, and the tightening of space has further increased the possibility of long-term contracts for shipment.

One European freight forwarder said he had recently received a lot of inquiries from customers about space allocation, pointing out that contract rates are much lower than spot rates, and shipping companies usually give priority to higher freight rates during busy periods. The forwarder stressed that it was difficult to understand the current unusual situation.

On a recent first-quarter earnings call with analysts, Maersk chief executive Kevin Koh revealed that European importers have now entered a period of restocking. During the period, Maersk's cargo volume on European routes increased by 9%. Mr Cowen explained that the growth stemmed from a potentially less-than-ideal macroeconomic environment in Europe last year, leading to a reduction in inventories. As consumption continues to grow into the New Year, European importers have now entered the replenishment period.

Spot freight rates between Shanghai and Rotterdam rose 2 per cent to $3,103 /FEU on a weekly basis, according to the Delury World Container Composite Index. At the same time, the spot freight rate between Shanghai and Genoa also increased by 3% to $3,717.6 /FEU.

In fact, many shippers may already be paying higher freight rates to avoid delays.

A British freight forwarder said the current spike in spot rates could be just the beginning, as demand has exceeded expectations and some capacity has been absorbed by the diversion of the Red Sea. The forwarder expects volumes to remain high in the second quarter with the arrival of the peak season, and the market may not cool until the third quarter when new vessels are delivered.

This week, new FAK rates have been introduced on routes from Asia to Northern Europe. MSC has introduced a new rate of $4,500 /FEU for Northern European ports from May 1. At the same time, Maersk also plans to significantly increase freight rates from May 11, and the implemented peak season surcharge (PSS) will increase from the current $500 /FEU to $1,500 /FEU, that is, to triple.

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