The Drewry benchmark rate for shipping from Hong Kong to Los Angeles remained flat in the week of Nov. 13 at $1,736 per 40-foot-equivalent unit. The rate has been unchanged since falling to this level in the week of Oct. 16.
“Drewry expects the mid-November GRI recommended by the TSA to have some success in lifting spot rates, given strong load factors currently prevalent on the trade,” Drewry said in this week’s release. The Transpacific Stabilization Agreement suggested an increase of $400 per FEU, set for Nov. 15. Carriers such as OOCL, Hapag Lloyd and U.S. Lines have announced similar increases.
Rates in this lane have not risen during the past 10 weeks, but instead have fallen $350.The average spot freight rate in the week of Nov. 13 was 22.1 percent below where it was a year ago, when it stood at $2,228 per FEU, and 21.6 percent, or $478 per FEU, below the rate of $2,213 per FEU at the beginning of 2013.