Carriers in the trans-Pacific eastbound trade made progress on achieving an announced $600 per container increase to West Coast ports as of Jan. 15 but remain well short of their goal as indicated by the latest Drewry Hong Kong-Los Angeles spot rate.
This week’s spot rate was $2,524 per 40-foot container, up $311 or 14 percent from last week. Further evidence of success or lack thereof in the Jan. 15 GRI will come on Friday with the release of the Shanghai Containerized Freight Index number for the trans-Pacific.
The rise in the Drewry index was the first increase in four weeks and the largest single-week increase since a 17.5 percent jump in August. It represents at least some progress by carriers in reversing a 23 percent slide since August. Carriers view the Jan. 15 GRI as urgent, given that spot rates increasingly are setting the stage for annual service contract negotiations and low spot rates in prior years have led to what carriers say are disappointing contract rates.