Trans-Pacific Spot Rate Stays Firm Amid Sluggish Demand
Created by HButler on 2/1/2012 7:24:47 PM
The average spot rate on the eastbound trans-Pacific didn’t budge this week as a lull in demand for cargo space set in after the week-long Asian New Year holiday last week.
The Drewry benchmark for shipping a 40-foot container from Hong Kong to Los Angeles stayed at $1,832 this week for the fourth week in a row.
The last time the benchmark moved was the week of Jan. 1, when it jumped 27.6 percent off its 2011 low, or $396 per FEU, as carriers implemented the $400 per TEU rate increase as of Jan. 1 that was recommended by the Trans-Pacific Stabilization Agreement.
Carriers have been more successful this year in getting week-over-week increases in spot rates on the Asia-Europe trade lane, where the Drewry-Cleartrade World Container Index for shipping containers from Shanghai to Europe rose for the fourth week in a row last week.
- Peter T. Leach, The Journal of Commerce.
