The Drewry benchmark rate for shipping from Hong Kong to Los Angeles stood at the same level for a third straight week, only three weeks before an early Chinese New Year and one week before the next proposed general rate increase. On Jan. 15, the members of the Transpacific Stabilization Agreement plan to launch the second of a two-stage rate increase. The first stage, a $200 per 40-foot container rate increase implemented on Dec. 20, has thus far held successfully. Carriers including MOL, Cosco and U.S. Lines are adopting the proposed stage two increase of $300 per FEU in the Asia-to-U.S. trade lane.
Drewry expects pricing to rise on the back of the mid-January GRI recommended by the TSA but the sustainability of the gains is questionable, Drewry said in this week’s release.
The rate remained at $1,886 in the week of Jan. 8, down 14.8 percent year-over-year. The rate has stood at this level since the week of Dec. 25, which is significant in that rates aren't rising in the run-up to the early Chinese New Year. The current rate is down year-over-year, despite the fact that Chinese New Year wasn't until Feb. 10 last year.
