Average spot rates on the eastbound trans-Pacific increased for the second week in a row this week, jumping 17.5 percent, or $429 per 40-foot-equivalent container unit, as liner companies put into effect the hefty general rate increase recommended by the Transpacific Stabilization Agreement.
The Drewry Hong Kong-Los Angeles container spot rate benchmark increased to a record high of $2,880 per FEU, an increase of $1,356 year-over-year. In the last two weeks, the Drewry benchmark rate has increased by $500 per FEU, or right at the level of the GRI recommended by the TSA.
The August GRI recommended by the TSA is even higher than the four previous increases this year, which ranged from $300 to $400 per FEU, and comes just as the import trade from Asia enters the peak shipping season.
This week’s increase more than reverses the $319-per-FEU decline in rates that occurred in the three weeks that followed implementation of the $450-per-FEU peak season surcharge on June 10.
The Drewry benchmark spot rate is now 88.9 percent higher than the same week last year, when it averaged $1,525 per FEU. It has more than doubled in the 32 weeks since the end of last year, when it averaged $1,436 per FEU.
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