The average spot freight rate in the eastbound trans-Pacific trade experienced another $100 per 40-foot-equivalent unit drop this week, the third weekly decrease of the same amount since a $250 jump in the week of Sept. 4, due to a Sept. 1 general rate increase in the lane. The current rate now sits at its lowest level since Mar. 7, 2012.
The Drewry benchmark rate for shipping from Hong Kong to Los Angeles fell to $1,786 for the week of Oct. 9, slipping 5.3 percent from $1,886 per FEU, where the rate sat for the previous three weeks. The current rate is 34.1 percent below where it was a year ago, when it stood at $2,711 per FEU, and 19.3 percent, or $428 per FEU, below the rate of $2,213 per FEU at the beginning of 2013.
“Drewry does not expect the mid-October GRI recommended by a few carriers to be accepted by the market unless demand improves,” Drewry said in this week’s release. Cosco, CMA CGM, and U.S. Lines have announced general rate increases of $400 per FEU on U.S.-bound lanes for October 15.