Shanghai Containerized Freight Index spot rates for U.S.-bound trade lanes dipped to the pre-April 1 GRI level in the week ending April 26, effectively eliminating all that they had gained. This was the third-straight week of declines in Asia-U.S. lanes.
The spot rate to the U.S. East Coast slipped 1.3 percent or $44 per FEU since last week to $3,251, according to the latest SCFI data, issued by the Shanghai Shipping Exchange. Rates are now just $4 above where they stood before the April 1 general rate increase. The current rate is down 8.6 percent from the same week in 2012 and down 3.2 percent since the beginning of 2013.
The spot rate to the U.S. West Coast fell 3.2 percent or $69 to $2,102 per FEU this week. The current rate is just below where it stood before the April 1 GRI at $2,104. It is down 13 percent year-over-year and 5.4 percent below the level seen at the beginning of 2013.
Proposed GRIs in the trans-Pacific West Coast-bound trade lane are set for May 1. Cosco, U.S. Lines and MOL have proposed increases of $800 per FEU.
“Next week’s index will be vital as we wait to see if any of the planned May 1 GRI can be implemented. Similar to Europe though, there appears to be a fragmented approach this time round, with not all of the carriers showing their hand.” said Richard Ward, research analyst for container derivatives of ICAP PLC.