Spot container freight rates from Shanghai to the U.S. West Coast dropped $66 per 40-foot container from last week, losing 45 percent of the $147 gain achieved last week from the Transpacific Stabilization Agreement’s Asia-U.S. general rate increase of $300 per FEU.
The spot rate as indexed by the Shanghai Containerized Freight Index to the U.S. West Coast was $1,865 per FEU, down 3.4 percent from last week. Today’s rate is 2.8 percent or $50 above the Jan. 1 level, but remains down 11.4 percent year-over-year.
The rate from Shanghai to the U.S. East Coast was $3,293 per FEU, inching up 0.2 percent or $6 per FEU from last week. The current rate remains up 5.0 percent or $156 from Jan. 1, and up 1.4 percent from the same week in 2013, the second positive year-over-year change since November 2013.
TSA members recently announced that the second stage of the general rate increase of $300 per 40-foot container is now scheduled to take effect on April 15, rather than the previously announced implementation date of May 1. There have been several other April 15 GRIs announced in the Asia-Europe lanes.
Asia-Europe lanes fell by about $45 per TEU this week. The rate from Shanghai to North Europe dropped 5.1 percent or $45 to $843, the lowest rate in this lane in 20 weeks. The rate on this trade has tumbled 52.2 percent or $922 since Jan. 1, and is down 32.8 percent year-over-year.
The rate from Shanghai to the Mediterranean is $893 per TEU, the second time below the $1,000 per TEU mark since late October 2013, declining 4.5 percent or $42 per TEU this week. The rate has fallen 50.1 percent or $898 since Jan. 1, and is 26.4 percent below the rate in the same week of 2013.