Drewry: Second week-to-week gain, HK-to-LA spot rate up 8.9pc

LONDON's Drewry Container Rate Benchmark for eastbound transpacific shipping increased 8.9 per cent for the week ending May 2, the second week-to-week gain in the last three weeks, and the second since the beginning of the year.


The benchmark was up week-to-week to May 1, but still down 10.8 per year on year when it reached US$2,189 per FEU. The Drewry index is taken from the average spot rates paid by forwarders polled every week in Hong Kong.


Indicating stronger carriers pricing at the end of the peak season contracting period, pushed the benchmark for spot container rates from Hong Kong to Los Angeles to $1,953 per FEU, up $158 over the previous week.


Eastbound spot freight rates apply to 10 per cent of transpacific volume as 90 per cent falls under contracted rates, which are still being negotiated in annual contract talks. But contract signings, reports Newark's Journal of Commerce, are running late this year. Most often concluded by May, this year many remain unsigned.
(Source:http://www.schednet.com)