Drewry’s Hong Kong-Los Angeles Container Rate Benchmark rose $250 this week, achieving almost 63 percent of a proposed $400 per-40-foot-container general rate increase by USL and CMA CGM set for May 21. This followed a six-week slump that saw a total decline of 24 percent or $600.
The rate for the week of May 22 jumped 13.2 percent to $2,150 per FEU, according to the latest release of the Drewry Hong Kong-Los Angeles Container Rate Benchmark. The increase brought the rate back up over the $2,000 per-FEU mark that it fell below last week. Despite the rate hike, the current price is still down 8 percent year-over-year and 2.9 percent or $63 below the rate at the beginning of 2013.
The Shanghai Containerized Freight Index’s Asia-West Coast rates also saw an upturn last week after a five-week slump. The week ending May 17 saw trans-Pacific West Coast-bound rates inch up 0.8 percent or $15 to $2,012 per FEU.