Spot container rates to the U.S. East and West coasts measured by the Shanghai Containerized Freight Index fell further in the week ending Oct. 18 despite a proposed Oct. 15 general rate increase. Cosco and CMA CGM had announced an increase in Asia-to-U.S. lanes of $400 per 40-foot container.
The spot rate from Shanghai to the U.S. West Coast fell for a fifth straight week, the longest slump since April. The rate is down 1.9 percent, or $34, from the previous week to $1,739 per FEU, according to SCFI data issued by the Shanghai Shipping Exchange. During the past five weeks, rates fell $250 per FEU, and slipped to their lowest rate since December 2011. The spot rate in the week ending Oct. 18 is 30.7 percent below the level in the same week last year and is 21.7 percent less than at the beginning of 2013.
The spot rate to the U.S. East Coast slid 1.9 percent, or $60 per FEU, to $3,145, in the week ending Oct. 18, sitting at a 16-week low. During the past five weeks, rates have fallen $250 per FEU. The current rate is down 8.9 percent from the same week in 2012, and down 6.3 percent from Jan. 1.