Container trades are lifting cargo rates on a grand scale, defying fear that world trade growth is slowing. The fear was sparked when the International Monetary Fund's reduced its world GDP forecast. Yet container lines appear to have gained momentum over the past few months. According to the Shanghai Containerized Freight Index (SCFI), average spot freight rates on all Shanghai export routes that are covered leapt by almost 13% as the index recovered to 1,195.36 points. The strongest improvements were recorded on eastbound trans-Pacific routes amid a strong peak shipping season and sustained cargo diversions to the US east coast ports in reaction to a threatened strike on the US west coast.
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