The General Rate of Increase (GRI) has faltered, despite successful attempts to raise the price of freight rates, claims Drewry.

In its weekly report on the World Container Index (WCI) relating to the Shanghai-Rotterdamn freight rate, current costs are stated to be at $2,498 (£1602) per 40ft box - an increase of just $18.

Drewry states this rise does not match the target of between $445 and $500 per twenty foot equivalent unit announced by shipping lines. This planned cost did not gain market-wide acceptance.

Director of WCI Richard Heath said: "With second quarter financial results showing mixed levels of profitability, many carriers must have hoped that price rises towards the end of the peak season would help to shore up their balance sheets."

Mr Heath also claimed that spot rates could have a strong influence over contract rate negotiations - many of which will take place in the fourth quarter.

Drewry emphasises that week-to-week upturns are not as significant as how long such increases last.