Spot container rates to the U.S. West Coast increased slightly after rising nearly 15 percent the previous week on the strength of a July 1 general rate increase. The spot rate to the West Coast based on the weekly Shanghai Containerized Rate Index was $2,131 on July 5, up 0.8 percent from the week before.
Rates from Shanghai to the U.S. East Coast stood at $3,373 in the week of July 5, edging up 0.4 percent from the prior week, after having risen 12.6 percent based on the July 1 GRI.
Rates to the East Coast are currently less than 1 percent higher than where they stood at the beginning of the year. Rates to the West Coast are 4.1 percent lower than they were at the beginning of the year.
Similar to additional GRIs being planned for August in the Asia-Europe market, the Transpacific Stabilization Agreement has called for an Aug. 1 peak-season surcharge of $400. Though the increase will not affect many service contracts that have no-increase clauses, its success or failure will indicate the strength of the peak season, which could be stronger than anticipated given the growing strength of the U.S. economy as reflected in Friday’s job report.
[Ed. — This story supersedes a prior version that incorrectly stated that the SCFI Shanghai-U.S. West Coast rate had declined.]