Transpacific rate rise 6pc in 7 days - 73pc in 12 months

TRANSPACIFIC spot rates for shipping an FEU from Hong Kong to Los Angeles climbed six per cent to almost US$2,000 in the week ending April 19, up from $1,976 from the week before as demand for space pushed up the price.

Drewry Shipping Consultants also said the spot rate was 73 percent higher than it was in the same week last year when it hit a low of $1,138. "The trend in capacity is still down," said Drewry supply chain director Philip Damas.

London-based Drewry also said that deployed vessel capacity on the transpacific in March was eight per cent lower than a year ago, reported Newark's Journal of Commerce. "They are still maintaining very tight capacity and are unwilling to deploy more vessels until they make money," said Mr Damas.

(Source: www.schednet.com)