Trans-Pacific spot rates down 1%

Trans-Pacific spot rates from Hong Kong to Los Angeles fell 1 percent from last week in their seventh consecutive weekly decline, according to Drewry Shipping Consultants’ rate benchmark, the Journal of Commerce reports.

This week’s benchmark registered $2,192 per 40-foot container, down from $2,228 the previous week and $2,711 in early October. The index hit its 2012 high of $2,880 in mid-August and bottomed out at $1,803 in February.

This week’s index was 50.4 percent above the year-earlier level of $1,451.

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.