Spot container rates to the U.S. East and West Coasts measured by the Shanghai Containerized Freight Index fell slightly in the week ending Sept. 20. This marks the second straight week of declines in both lanes.
The spot rate from Shanghai to the U.S. West Coast fell 1.3 percent, or $25, from the previous week to $1,891 per 40-foot container, according to SCFI data issued by the Shanghai Shipping Exchange. The current rate sits only $2 above the rate prior to the Sept. 1 proposed $400 increase. This week’s spot rate is 30.7 percent below the level in the same week last year and is 14.9 percent less than at the beginning of 2013.
The spot rate to the U.S. East Coast slid 1.0 percent, or $32 per FEU, to $3,294, in the week ending Sept. 20. During the past two weeks, rates have fallen $101 per FEU. The current rate is down 11.7 percent from the same week in 2012, and down 1.9 percent from Jan. 1.
Cosco has already announced a general rate increase of $400 per FEU on U.S.-bound lanes for October 15.