Spot freight rates in eastbound trans-Pacific trade lanes declined last week to their lowest point since May as carriers expand capacity faster than the growth in cargo volume The Shanghai Containerized Freight Index average spot rate to the U.S. West Coast in the week ending Sept. 17 fell 2.9 percent from the week before to $2,493 per 40-foot container. That was down $74 from the previous week, the steepest one-week decline in the Shanghai Shipping Exchange index this year.
That marked the 11th straight week that the spot rate declined, and it hit the lowest point since May 7.
The separate Drewry Container Rate Benchmark, a measure compiled by Drewry Shipping Consultants, also fell in the ending Sept. 20, sliding 2.1 percent from the week before to $2.493 per FEU. It was the seventh straight decline in the Drewry index for shipments from Hong Kong to Los Angeles and left the measure down $244 since Aug. 1, when some carriers began charging a peak season surcharge,
The Shanghai Shipping Exchange, meanwhile, said the average spot rate for all-water service to the East Coast dropped $68, or 2 percent, to $3,959 per-FEU, from the week ending Sept. 10.
However, the average spot rates are still much higher than they were during the week of Oct. 16 in the height of the 2009 peak season. The West Coast rate was up 75 percent from the spot rate of $1,431 last October, and the East Coast rate was up 63 percent from the rate of $2,439 in the week of Oct. 16, 2009.
That marked the 11th straight week that the spot rate declined, and it hit the lowest point since May 7.
The separate Drewry Container Rate Benchmark, a measure compiled by Drewry Shipping Consultants, also fell in the ending Sept. 20, sliding 2.1 percent from the week before to $2.493 per FEU. It was the seventh straight decline in the Drewry index for shipments from Hong Kong to Los Angeles and left the measure down $244 since Aug. 1, when some carriers began charging a peak season surcharge,
The Shanghai Shipping Exchange, meanwhile, said the average spot rate for all-water service to the East Coast dropped $68, or 2 percent, to $3,959 per-FEU, from the week ending Sept. 10.
However, the average spot rates are still much higher than they were during the week of Oct. 16 in the height of the 2009 peak season. The West Coast rate was up 75 percent from the spot rate of $1,431 last October, and the East Coast rate was up 63 percent from the rate of $2,439 in the week of Oct. 16, 2009.