The SCFI showed rates from Asia to the U.S. West Coast up 13.1 percent, or $248 per 40-foot container, this week to $2,139. It was the first gain on the lane in five weeks, and was due in part to a Oct. 15 general rate increase by the 15 members of the Transpacific Stabilization Agreement, a discussion group that recommended a GRI of $600 per container hike on all trans-Pacific traffic to the U.S. East and West coasts.
Prior to this week's gains, the spot rate to the U.S. West Coast dropped 17.9 percent in the five weeks starting Sept. 12. The $248-per-TEU gain this week was less than half of the GRI attempted by trans-Pacific carriers.
SCFI's spot rate to the U.S. East Coast didn't show a fully realized GRI, either. Spot rates rose to $4,146 per TEU this week, only $101 above last week's prices. The spot rate was steadily declining to the U.S. East Coast, as well, though not as significantly. Starting Sept. 5, the spot rate dropped for five straight weeks, losing 12.7 percent or $591 per FEU, over that time.
Spot rates from Asia to northern Europe dropped for the sixth straight week to $705 per 20-foot container. Rates have dropped 37.6 percent, or $424 per TEU, since Sept. 5.
"As expected, there was no increase despite the planned mid-October GRI of around $500 per TEU, suggesting further weakness in the market post the Golden Week Holidays," FIS Container Derivatives said. "Due to the continued declines, additional carriers have announced their plans to push rates up at the start of November by between $775 to $900 per TEU, as they look to increase rates from their current yearly low."
Rates from Asia to the Mediterranean also dipped this week. Rates have been declining steadily since Aug. 8, when the spot rate was $1,613 per TEU. Since that peak, spot rates have dropped nine out of 10 weeks, a total loss of 40 percent or $648 per TEU. During the last 10 weeks, however, prices were still marginally higher than in 2013. This week's spot rate was 36.9 percent higher than the same week of 2013.
