![]() The Drewry benchmark rate for container shipments from Hong Kong to Los Angeles increased by 4.3 percent this week to $1,543 per FEU this week from $1,478 per 40-foot equivalent unit last week. Container lines that have been taking delivery of a glut of new containerships this year have been slashing freight rates in their attempts to gain market share on the major East-West trade lanes. The lowered rates come even as demand for the new capacity remains flat. On the Asia-Europe trade lane, where spot rates play a much larger role than on the trans-Pacific, the index of spot rates for loaded containers landed at ports in North Europe fell to $677 per 20-foot equivalent unit in the week ended Oct. 21. That’s down 2.9 percent from the week before and $870 or 56.2 percent less than a year ago. Since late August, the Drewry trans-Pacific benchmark has plummeted 16.9 percent. It is 27.2 percent below this year’s $2,119 peak in early January and 29.2 percent below its level of a year ago. The Drewry container benchmark gauges rates paid by shippers to non-vessel-operating common carriers, excluding terminal handling charges in Hong Kong. Source: Journal of Commerce |
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