The Shanghai Containerized Freight Index spot rates for U.S.-bound trade lanes experienced further declines in the week of June 14, the third straight week of declines in these lanes. Rates have reached their lowest in more than 15 months, lost all gains from recent GRIs, and face new increases scheduled for July 1.
The Transpacific Stabilization Agreement recommended a GRI of $400 per FEU from Asia to the U.S. West Coast and $600 to all other U.S. regions for July 1. Hapag-Lloyd, OOCL and Cosco have already followed these recommendations and announced GRIs.
The spot rate to the U.S. West Coast fell to $1,881 per FEU, down 3.5 percent or $68. This followed a 3 percent or $59 drop last week. Over the past three weeks, rates have fallen a total of 10 percent or $212. The current spot rate declined 31.3 percent year-over-year, the 10th straight decline, and is 15.3 percent or $340 below the level seen at the beginning of 2013.
The spot rate to the U.S. East Coast fell 2.3 percent or $71 per FEU to $3,031, according to the latest SCFI data issued by the Shanghai Shipping Exchange. This matched the 2.3 percent decline from last week. Over the past three weeks, rates have declined a total of 7 percent or $223. The current index level is down 21 percent from the same week in 2012 and down 9.7 percent or $327 since the beginning of 2013.