Average eastbound spot container rates in the trans-Pacific lost half of the $200 per 40-foot-equivalent-unit increase gained as the result of a planned Aug. 1 rate increase. The $200 that carriers had achieved was just 50 percent of the proposed peak-season surcharge of $400 per FEU announced by the Transpacific Stabilization Agreement to begin with. This leaves only a $100 gain, which was all that resulted from the $400 GRI set for July as well.
“Drewry expects pricing to decline further in the weeks leading up to the September GRI,” Drewry said in its release. Further increases of $400 per FEU have been announced for Sept. 1 by Maersk, Cosco and Hapag-Lloyd.
The Drewry Hong Kong-Los Angeles container freight rate benchmark slipped 4.7 percent from last week to $2,036 per FEU for the week of Aug. 14. This week’s benchmark is 25.4 percent below the rate in the same week last year, when it was $2,730 per FEU, and is 8.0 percent or $177 below the $2,213 per FEU level seen at the beginning of this year.