Spot container rates to the U.S. East and West Coasts measured by the Shanghai Containerized Freight Index slipped in the week ending Sept. 13 after two consecutive weeks of increases following a partially successful Sept. 1 general rate increase.
The spot rate from Shanghai to the U.S. West Coast fell 3.7 percent, or $73, from the previous week to $1,916 per 40-foot container, according to SCFI data issued by the Shanghai Shipping Exchange. This decline dropped achievement of the Sept. 1 proposed $400 increase from 25 percent last week to only 7 percent this week. The current spot rate is 29.3 percent below the level in the same week last year and is 13.7 percent less than at the beginning of 2013.
The spot rate to the U.S. East Coast slid down 2.0 percent, or $69 per FEU, to $3,326, in the week ending Sept. 13. The rate is now $35 below where it stood prior to the proposed $600 per FEU increase set for Sept. 1. The current rate is down 16.1 percent from the same week in 2012, and down 1.0 percent from Jan. 1.
Cosco has already announced a general rate increase of $400 per FEU on U.S.-bound lanes for October 15.