Trans-Pacific spot rate up another 5.5 percent
Average spot rates for shipping a 40-foot container from Hong Kong to Los Angeles grew 5.5 percent in the week ending Aug. 9, the second straight weekly increase in shipping prices in the key trans-Pacific market.
Although the rate, compiled weekly by Drewry Shipping Consultants in London and published by The Journal of Commerce, remains 34.4 percent below the level a year ago, the consecutive week-on-week gains suggest eastbound demand is strengthening and that carriers are holding the line on announced rate increases.
The average rate per FEU hit $1,371 in the week ending Aug. 9, up from $1,300 the week before, but down from $2,091 a year earlier.
The average FEU rate dropped below $1,000 to $986 per FEU in the week ended May 9 and then to as low as $871 for five weeks in July and early August until two weeks ago when it jumped by 49.2 percent.
Although the rate, compiled weekly by Drewry Shipping Consultants in London and published by The Journal of Commerce, remains 34.4 percent below the level a year ago, the consecutive week-on-week gains suggest eastbound demand is strengthening and that carriers are holding the line on announced rate increases.
The average rate per FEU hit $1,371 in the week ending Aug. 9, up from $1,300 the week before, but down from $2,091 a year earlier.
The average FEU rate dropped below $1,000 to $986 per FEU in the week ended May 9 and then to as low as $871 for five weeks in July and early August until two weeks ago when it jumped by 49.2 percent.