Drewry’s Hong Kong-Los Angeles Container Rate Benchmark remained at $1,957 for a third week in the week of June 19, according to the latest release of the Drewry Hong Kong-Los Angeles Container Rate Benchmark. This comes less than two weeks ahead of the July 1 general rate increase.
“Pricing stability is being supported by strengthening traffic volumes together with expectations that carriers will have some success in lifting rates with their 1 July GRI,” Drewry said in its latest release.
The Transpacific Stabilization Agreement is recommending a GRI of $400 per FEU from Asia to the U.S. West Coast for July 1. Hapag Lloyd, OOCL and Cosco have already set a $400 GRI for July 1. Cosco also announced a $400 peak season surcharge on 40-foot containers from Asia to North America, effective July 15.
The trans-Pacific spot rate has been at the current level since the week of June 5, when it experienced a 9 percent or $193 drop that pulled down the overall impact of the May 21 GRI to just $57.
This week’s rate remains down 27.5 percent year-over-year and 11.6 percent or $256 below the rate at the beginning of 2013.
The Shanghai Containerized Freight Index saw a decline for a third week in Asia-West Coast spot rates. In the week ending June 14, the trans-Pacific West Coast-bound rate fell 3.5 percent, or $68, to $1,881 per FEU, reaching its lowest level in more than 15 months.