Average eastbound trans-Pacific spot container rates fell another $100 per 40-foot-equivalent unit this week, wiping out the $200-per-FEU gain achieved from the Aug. 1 rate increase.
“Drewry expects pricing to continue the decline in the run up to the September GRI as overcapacity weighs on rates,” 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 4.9 percent from the Aug. 14 spot rate to $1,936 per FEU for the week of Aug. 21. The benchmark stood at the same level in the week of July 24, prior to the Aug. 1 GRI. This week’s benchmark is 29.1 percent lower year-over-year and 12.5 percent down from the level seen at the beginning of 2013.