GLOBAL containerised volumes grew by 5.22 per cent in the first quarter to 30.46 million TEU, while March volumes alone increased 18.6 per cent over the previous month, according to the latest figures released by Container Trade Statistics (CTS).

The surge, CTS says, is largely the result of the “resurgence in Asian trade as factories reopened after the shutdown in production over the Lunar New Year holidays”.

Asian exports to the world grew 5.01 per cent year on year in the first quarter to 10.28 million TEU.

While this represents relatively moderate growth over last year, the more impressive figure came in the month-on-month comparison for March, which saw an increase of 33.3 per cent to 3.74 million TEU...

In terms of year-on-year growth March volumes were up 5.46 per cent from the same time last year.

Freight rates rose towards the end of the first quarter for Asian exports destined for Europe, North America and the Indian Subcontinent and Middle East, according to the CTS Price Index.

We know from the data provided by the Shanghai Containerised Freight Index (SCFI) that rates from Asia to Europe rose from US$730 per TEU at the beginning of the year to $1,660 per TEU at the end of the first quarter—representing an increase of 127 per cent in just three months.

And while we do not have any data on volumes for April, rates have since risen to $1,818 per TEU, as of May 11 on the Asia-Europe trade. Analysts have in recent weeks began to speculate on whether the rates can hold at such high levels, particularly given the ongoing weakness in European demand versus the incoming capacity.

Rates from Asia to the US west and east coasts also rose in the first quarter, although not to the same degree as in Asia-Europe.