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

Finance

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

Oil Plunge Deepens High-yield Gloom

US crude fell to a more than six-year low this week, clouding the picture for a high-yield energy sector that already faces a significant cull when credit lines are reevaluated in autumn.

NASSCO Invests in Facilities, Equipment and People

General Dynamics NASSCO has invested several hundred million in capital projects as part of its efforts to increase efficiencies via  modular shipbuilding, including:

Container Ships

MN 100: ContainerTug B.V.

The Company: ContainerTug B.V. is a specialized Dutch naval design engineering and construction company with a strong focus on developing workboats and the evaluation

CFSAI Shifts to New Office in New Mumbai

Container Freight Station Association of India (CFSAI) has set up a full-fledged Secretariat and moved to its new office at “Anchorage Building” in Dronagiri  Node on 26th August 2015.

DP World H1 Earnings Jump, Mulls Iran launch

DP World may launch operations in Iran, the company's chairman said on Thursday, as the global ports operator reported a jump in half-year earnings after buying assets from its parent company.

Logistics

Migrant Boat Sinks off Libya; 200 Feared Dead

A boat packed with mainly African migrants bound for Italy sank off the Libyan coast on Thursday and officials said up to 200 might have died. A security official in the western town of Zuwara,

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

Dutch Green Ports to be Model for Turkey

Netherlands will be a model for Turkey’s ports within an environmentally-friendly Green Port implementation, says Daily News.   Port of Amsterdam and Dutch officials

 
 
Maritime Standards Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.4171 sec (2 req/sec)