Shipping prices rising

China Shipping Container Lines expects international freight rates to rise by 5-10% in the second half of the year due to strong demand for exports from China. Rates in the first half of the year rose by 10% year on year. Rates for US destinations were up by 12% and container shipping prices rose to US$1,345 per twenty-foot equivalent unit (teu). Rates to Europe and the Middle East rose by 14%, to US$1,588 per teu and prices for shipping to Australia rose to US$1,364 per teu, almost doubling. China Shipping Container Lines also reported that first half '04 interim net profit rose 290% to RMB 1.52 billion.