Westbound container rates on the China-North Europe trade lanes have risen by as much as 50 per cent over the past six months, according to data from shipping sources compiled by Cargonews Asia. In March, carriers have been achieving a spot rate of US$3,700 per TEU compared with $2,500 per TEU in October 2009, according to the article.

Year-long contract rates fixed by carriers in January and February 2010 for the westbound China-Europe trade were reported to be 200 per cent higher than the levels achieved at the same time last year. In the lead-up to the Chinese New Year, capacity utilisation was around 85-90 per cent on this route, prompting some carriers to launch new services or restart those that had been mothballed.

Cosco may begin to buy new or second-hand vessels this year to take advantage of the improved outlook, said the president of its holding company, Zhang Lian. However, he added that the carrier may delay some ship orders to ensure ‘sustainable’ fleet development.

China’s exports have improved since the world economic downturn led to a 20 per cent fall in outbound volumes in the second half of 2009.