Spot container rates to the U.S. East and West Coasts measured by the Shanghai Containerized Freight Index continued to decline in the week ending Oct. 11. The drop precedes an Oct. 15 general rate increase in Asia to U.S. lanes of $400 per 40-foot container, announced by Cosco and CMA CGM. US Lines pushed back its Oct. 15 increase of the same amount to Nov. 15.
The spot rate from Shanghai to the U.S. West Coast fell for a fourth straight week, down 3.5 percent, or $64, from the previous week to $1,773 per FEU, according to SCFI data issued by the Shanghai Shipping Exchange. During the past four weeks, rates fell $216 per FEU. This week’s spot rate is 31.6 percent below the level in the same week last year and is 20.2 percent less than at the beginning of 2013.
The spot rate to the U.S. East Coast slid 1.4 percent, or $47 per FEU, to $3,205, in the week ending Oct. 11. During the past four weeks, rates have fallen $190 per FEU. The current rate is down 9.4 percent from the same week in 2012, and down 4.6 percent from Jan. 1.