Container shipping rates from Asia to Europe are set to soar again as the Suez Canal is blocked, forcing carriers to sail blank.

For now, rates on some Asia-Nordic routes on the Frealeos Baltic Index (FBX) fell 2.3 per cent this week to $7,501 per 40ft, while Mediterranean ports fell 6 per cent to $7,503.

Elsewhere, the Ningbo Container Freight Index (NCFI) reported that shipping space from Asia to Europe has become tight again, suggesting that spot prices will rise next week regardless of the Suez crisis.

This suggests rates would have gone up next week even without the Suez Canal congestion crisis, which obviously added another fire to the fire!

In the trans-Pacific region, meanwhile, consumer demand has remained unabated because of stimulus checks, driving up rates and forcing shippers to accept higher annual contract pricing offered by carriers.

The blockage of the Suez Canal will have a serious impact on freight traffic from Asia to the US, as shippers are pressing to book shipping space on those loops.

While prices to the East Coast were flat at $5,724 per 40 feet, the spot price recorded by FBX from Asia to the West Coast rose 13% this week to $4,848 per 40 feet.