According to Drewry's container freight rate index, some spot pricing from China to the US West Coast surpassed $4,000 per FEU this week, a psychological barrier that appeared to be insurmountable just last week due to admonitions from regulators in China and the US about aggressive carrier pricing.
Friday September 25, 2020
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Bill Mongelluzzo
Bill Mongelluzzo
Bill Mongelluzzo is senior editor with The Journal of Commerce, based in Long Beach, Calif.
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The US FMC said it is closely monitoring capacity and pricing conditions in the eastbound trans-Pacific, but is not yet ready to launch a fact-finding investigation or petition for legal action.
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In just one month’s time, retailers have gone from a pessimistic peak-season outlook to a forecast of better-than-expected imports this fall.
US import growth from Asia and China accelerated in August after a strong July, driven by e-commerce merchandise and PPE supplies.
A steady stream of extra-loader vessels in the trans-Pacific have failed to blunt the steady increase in spot rates.
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