London-based Drewry Shipping Consultants latest container rate benchmark for Hong Kong to Los Angeles fell US$211 per FEU in less than seven days, depressed by slowing US consumer spending and capacity oversupply, Shippingazette reported.
The average spot rate fell to $1,636 per FEU, a decrease of 11 per cent on week previous and a staggering 36.7 per cent drop in the same week in 2010 at $2,655 per FEU when capacity was in short supply and demand strong.
Spot rates on the eastbound transpacific route plunged, highlighting a weakness on the trade lane despite the postponement of peak season surcharges brought in less than a month ago.
The average spot rates applies to 10 per cent of container volume on the eastbound trade lane from Hong Kong-based non-vessel-operating common carriers at a rate set below that of annual contracts, reported Newark's Journal of Commerce. Terminal handling charges at port of origin are excluded.
The average spot rate fell to $1,636 per FEU, a decrease of 11 per cent on week previous and a staggering 36.7 per cent drop in the same week in 2010 at $2,655 per FEU when capacity was in short supply and demand strong.
Spot rates on the eastbound transpacific route plunged, highlighting a weakness on the trade lane despite the postponement of peak season surcharges brought in less than a month ago.
The average spot rates applies to 10 per cent of container volume on the eastbound trade lane from Hong Kong-based non-vessel-operating common carriers at a rate set below that of annual contracts, reported Newark's Journal of Commerce. Terminal handling charges at port of origin are excluded.