Spot freight rates on the trans-Pacific broke a 16-week downturn this week, as the Drewry benchmark for shipping a 40-foot equivalent container from Hong Kong to Los Angeles increased 6 percent from the week before.
The Drewry benchmark rate increased to $1,795 per FEU in the week ended April 11, marking the first time it has increased since the beginning of the year.
While the benchmark rate this week went up from the week before, it is still 15 percent lower than the Jan. 3, 2011 benchmark rate of $2,119 per FEU and 9.2 percent lower than the rate of $1,976 per FEU in the same week of 2010.
By The Numbers:
Container Rate Benchmark
Drewry bases its eastbound benchmark rate on an average of spot rates it collects from non-vessel-operating common carriers in Hong Kong.
Eastbound spot freight rates only apply to about 10 percent of trans-Pacific container volume, since most cargo is priced at a rate set under annual contracts that are negotiated in the spring of each year.