The average spot freight rate in the eastbound trans-Pacific trade dropped $100 per 40-foot-equivalent unit this week. Just $50 remains of the $250 it rose in the week of Sept. 4. An increase of $400 per FEU was originally proposed by the Transpacific Stabilization Agreement for Sept. 1.
“The trans-Pacific trade continued to remain over supplied,” Drewry said in this week’s release. “Drewry expects pricing to decline further in the coming weeks; however, a recovery in the backhaul rates is expected as the TSA carriers attempt a GRI on October 1.” The TSA recommended a $100 per FEU GRI on exports from the U.S. to Asia, set for Oct. 1. In the opposite direction, Cosco announced a general rate increase of $400 per FEU on U.S.-bound lanes for October 15.
The Drewry benchmark rate for shipping from Hong Kong to Los Angeles dropped to $1886 for the week of Sept. 18, slipping 5.0 percent from Sept. 11’s rate of $1,986 per FEU. The current rate is 30.4 percent below where it was a year ago, when it stood at $2,711 per FEU, and 14.8 percent, or $328 per FEU, below the rate of $2,213 per FEU at the beginning of 2013.