LONDON, May 18 (FAM) – Long-term contract prices for Asia-Europe ocean freight services negotiated in the last three months are averaging more than double their rate levels at the same time last year and are 10% higher in the second quarter than they were in Q1, according to new data from market intelligence firm Xeneta.

Xeneta highlighted a clear increase in the pricing level of long-term contracts for China main ports to North Europe main ports routes negotiated in the last three months, with an average rate of US$1,396 for a 40ft box shipping in mid-May – an increase of 120% compared with mid-May 2016.