Average spot rates from the Far East to US East Coast increased by 3.7% - Xeneta
Data released by Xeneta, shows average spot rates from the Far East to US East Coast increased by 3.7% on 15 July to stand at USD 10 045 per FEU (40ft equivalent shipping container). Into the US West Coast, spot rates increased by 2.0% to stand at USD 8 045 per FEU.
While this means spot rates are up almost 150% on these trades since the end of April, the latest increases of 3.7% and 2.0% are far smaller compared to 1 July when rates rose by 22% into the US East Coast and 12% into the US West Coast.
The clearest indication of a peak being reached is found in the Xeneta market ‘mid-high’ data, which identifies the spot rates being paid by shippers in the 75th percentile of the market.
On the trades from the Far East into US, the market mid-high (and high) spot rates have remained almost flat during July, indicating the high end of the market is no longer spiralling.
The market is also reaching a peak on fronthaul trades from the Far East to North Europe and Mediterranean where average spot rates increased by 4.7% and 3.5% on 15 July to stand at USD 8 480 per FEU and USD 8 150 per FEU respectively. This is less than the increases of 17% and 10% on 1 July.
