Transpacific Rates Hit Five-Year High

(International Freighting Weekly – Damian Brett)

Spot prices for transpacific shipping services have grown by more than 180% during the past 12 months to reach a five-year high. Experts describe the increase as a “mini container shipping boom”.

Shipping consultant Drewry’s Hong Kong-Los Angeles container rate benchmark hit US$2,607 per 40ft container last week – 19% higher than the previous week and 182% higher than the same week in 2009.

But Drewry pointed out that the trade had been suffering with “serious overcapacity and price discounting” in 2009. It added that the jump in transpacific container rates reflected new peak season surcharges, very tight eastbound transpacific ship capacity and a shortage of boxes, which is becoming an issue in China as well as in the U.S. Read more here.