With freight rates in the eastbound Pacific having reached record lows this summer, a number of carriers have attempted to stop the decline by announcing general rate increases and peak season surcharges.
The carrier actions appear to have had some impact, at least for shipments handled by non-vessel operating common carriers. According to Drewry Shipping Consultants, the NVO spot rate from Hong Kong to Los Angeles plunged below $1,000 per-FEU this summer, but since the carrier announcements, the weekly spot rate jumped to about $1,400 per-FEU in August and has remained there into September.