Transpacific Container Shipping Rate Soars

Press Release
Thursday, August 09, 2012

The Drewry Hong Kong-Los Angeles container rate benchmark, soared by 17.5% to US$2,452 per 40ft container this week.

Last week’s Drewry transpacific price benchmark dated 1st August increased by just $71 per 40ft container from levels in the previous week, but it has now become clear that the rate increase was deferred by most carriers.

“We said last week that one factor in the price changes was that carriers are staggering the implementation of this month’s GRI [General Rate Increase],” explained Martin Dixon, Drewry’s research manager for freight rate benchmarking. “What we now know is that the spot market has accepted the $500 rate increase over a period of 2 weeks, not one.”

The latest $500 price increase ($429 this week and $71 last week) propelled spot freight rates from Hong Kong to Los Angeles to their highest level this year. This week’s $2,452 rate is 89% higher than this time last year.

Perhaps more importantly, this was the 5th week-on-week rate increase of more than 10% this year.

With transpacific capacity lower than a year ago and Asia-to-US volumes in July up by approximately 7%, the container market on the transpacific route appears to be much tighter than the Asia-Europe container trade.

“The jump in rates and in volumes are there, but we have not changed our belief that freight rate levels will drift back downwards through the latter part of August,” Dixon warned. “We tell shippers to expect that spot rates have now reached a plateau and will now decline.”

“Drewry Container Freight Rate Insight” is published by Drewry Maritime Research. Click here to learn more.




 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Denmark's Budget Gap May Flirt with EU Limit if Oil Stays at $50

Denmark's government estimates its budget would lose 7.5 billion Danish crowns ($1.1 billion) if oil prices remained around $50 a barrel, according to a document

Sweden-Poland Maritime Link Improved

The EU's TEN-T Program will co-fund with over €2 million the development of the sea ports of Trelleborg (Sweden) and Świnoujście (Poland), to increase their competitiveness and sustainability,

West Coast Port Talks Clear Hurdle

Shipping companies and the union for 20,000 dockworkers at nearly 30 U.S. West Coast ports have cleared a major hurdle in their protracted labor talks, clinching

Container Ships

West Coast Port Talks Clear Hurdle

Shipping companies and the union for 20,000 dockworkers at nearly 30 U.S. West Coast ports have cleared a major hurdle in their protracted labor talks, clinching

Nigerian Shippers Council Bans Illegal Port Charges

The Nigerian Shippers Council (NSC) has urged ports service providers to stop the collection of any illegal charges not statutorily approved, says a Council press statement.

Malta Shipping Register is World's 6th Largest

Malta ship register becomes the sixth largest worldwide, remains largest in Europe. As at end of December 2014, the registered gross tonnage under the Merchant Shipping Act was 57.

Logistics

Port of Redwood City Sees Cargo Increase

The Port of Redwood City experienced a five percent increase in cargo movement across its docks for the first half of fiscal year 2014/2015 that ended December 31, 2015.

West Coast Port Talks Clear Hurdle

Shipping companies and the union for 20,000 dockworkers at nearly 30 U.S. West Coast ports have cleared a major hurdle in their protracted labor talks, clinching

Greek Shipping Fears Syriza Tax Plan

Will the new government in Greece led by radical-left party Syriza levy higher taxes that the shipping industry can’t afford? A report in WSJ says that several

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Port Authority Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2577 sec (4 req/sec)