Average eastbound spot rates on the trans-Pacific resumed their slide this week following the 21.8 percent increase that resulted from the July 1 general rate increase.
The Drewry Hong Kong-Los Angeles container freight rate benchmark retreated by 4.9 percent this week to average $1,936 per 40-foot-equivalent unit, due to what the London consultancy called sluggish demand in the U.S.
Carriers got only about half of the July 1 GRI of $400 per FEU recommended by the Transpacific Stabilization Agreement. In the weeks since then, the Drewry benchmark has fallen by $300 per FEU.
This week’s benchmark is 18.7 percent below the rate in the same week last year, when it was $2,380 per FEU, and 12.5 percent down from the $2,213 per FEU level at the beginning of this year.
Drewry said it expects pricing to strengthen after August 1, as TSA carriers have proposed a peak-season surcharge of $400 per FEU effective on that date.