Drewry Spot Index Slips 2.7 Percent

Drewry Spot Index Slips 2.7 Percent

Trans-Pacific spot rates from Hong Kong to Los Angeles fell 2.7 percent from the week before in their fourth consecutive weekly decline, according to Drewry Shipping Consultants’ Nov. 5 rate benchmark.

Drewry Container Rate Benchmark - spot rates through Nov. 5, 2012. Source: Drewry's Container Freight Rate Insight

Source: Drewry's Container Freight Rate Insight

The Nov. 5 benchmark registered $2,335 per 40-foot container, down from $2,399 the previous week and $2,711 in early October. The index hit its 2012 high in mid-August and bottomed out at $1,803 in February.

The index is based on rates reported by non-vessel-operating common carriers for 40-foot containers. The rates exclude terminal-handling charges in Hong Kong.

Spot rates account for less than 10 percent of eastbound trans-Pacific cargo, most of which moves under contracts.