Trans-Pacific Spot Rates Fall to Five-Month Low

(The Journal of Commerce – Bill Mongelluzzo)

Spot freight rates in eastbound trans-Pacific trade lanes declined last week to their lowest point since May as carriers expand capacity faster than the growth in cargo volume.

The Shanghai Containerized Freight Index average spot rate to the U.S. West Coast in the week ending Sept. 17 fell 2.9 percent from the week before to $2,493 per 40-foot container. That was down $74 from the previous week, the steepest one-week decline in the Shanghai Shipping Exchange index this year. That marked the 11th straight week that the spot rate declined, and it hit the lowest point since May 7. Read more here.