Spot container rates to the U.S. East and West coasts measured by the Shanghai Containerized Freight Index rose in the week ending Aug. 2, following a rate increase. USL and Hapag-Lloyd had set an Aug. 1 peak-season surcharge of $400 per 40-foot container to the U.S West Coast and $600 to the East Coast, originally proposed by the Transpacific Stabilization Agreement. The gains achieved were much lower than carrier goals.
“Unlike Europe, the success of the increases in the U.S. trades was even less substantial, with less than half of the increases coming into force,” said Richard Ward, research analyst for container derivatives at ICAP.
The spot rate from Shanghai to the U.S. West Coast increased 6.5 percent, or $127, from the previous week to $2,069 per FEU, according to SCFI data issued by the Shanghai Shipping Exchange on Friday. This increase helped this lane achieve only 32 percent of the proposed $400 GRI. The West Coast has also held on to 24 percent of the July 1 $400 per FEU GRI. The current spot rate is 22.5 percent below the level in the same week last year and is 6.8 percent, or $152, less than the level at the beginning of 2013.
The spot rate to the U.S. East Coast rose 7.3 percent, or $240 per FEU, to $3,513, in the latest week. The current rate is down 12 percent from the same week in 2012 but up 4.6 percent, or $155, from the beginning of 2013.