The Drewry benchmark rate for shipping from Hong Kong to Los Angeles stood at the same level for a second week, only one week before an early Chinese New Year.
The rate remained at $2,086 per 40-foot container in the week of Jan. 22, down 17.4 percent year-over-year. The rate has stood at this level since the week of Jan. 15, when members of the Transpacific Stabilization Agreement launched the second stage of a two-stage rate increase. The current rate is down year-over-year, despite the fact that Chinese New Year was not until Feb. 10 last year.
Drewry said in this week’s release that it expects next week’s benchmark reading to hold roughly at the current level, before tailing off during Chinese New Year, from Jan. 31 through Feb. 17.