Drewry’s Hong Kong-Los Angeles Container Rate Benchmark was flat this week, leading up to May 1 general rate increases, following three weeks of declines in the trade lane.
During the prior three weeks, the benchmark dropped 15.2 percent or $379. Trans-Pacific carriers Cosco, U.S. Lines and MOL plan to increase rates on May 1 by $800 per 40-foot container for all cargo moving from the Far East to the U.S. West Coast. The proposed GRIs raise the importance of trans-Pacific rate results during the next week. The inability of carriers to hold on to increases has been the recent trend.
The benchmark rate for the week of May 1 stayed at $2,121 per 40-foot container, according to the latest release of the Drewry Hong Kong-Los Angeles Container Rate Benchmark. This remained down 9.3 percent year-over-year and was 4.2 percent or $93 below the rate at the beginning of 2013.
Asia-West Coast rates continued to fall last week, according to the Shanghai Containerized Freight Index. The week ending April 26 saw trans-Pacific West Coast-bound rates dip 3.2 percent or $69 to $2,102 per FEU, putting them below the pre-April 1 GRI level.