The 90-day truce on the latest China trade tariff increase caused transpacific pricing to fall through December. The price increases that came in the New Year, a combination of fuel-related surcharge increases and General Rate Increases (GRIs), have held this week. At $2,031, China-West Coast prices are 18% up from 30 December’s $1,722. China-East Coast jumped 14% (from $2,779 to $3,171) over the same period.
Uncertainty around President Trump and Xi’s truce has kept US importers on their toes, stocking up before the next round of trade tariff increases. Carriers are coping differently – announcing a number of blank sailings around Chinese New Year.” – Philip von Mecklenburg-Blumenthal, VP of FBX, Freightos
This week’s report
|Week 02||Week 01||Last year*|
|China – US West Coast||$2,031||1%||49%|
|China – US East Coast||$3,171||1%||37%|
|China – North Europe||$1,619||1%||5%|
|* Compared to the corresponding week in 2017|
The new GRIs and fuel-related surcharge increases introduced on 1 January have held, with transpacific prices rising slightly this week.
There’s a current upsurge in demand as importers replenish after Christmas, and coupled with the Chinese New Year close down coming up, prices are likely to stay buoyant through January.
China-North Europe prices held firm after their 13% jump last week. With the three leading indexes all up, the global index also rose again this week.
The Freightos Baltic Indices reflect weekly spot rates for 40-foot containers based on 12 to 18 million price points collected every week on 12 main shipping trade lanes. The data includes a headline index – the FBX Global Container Index (FBX) – a weighted average of the 12 underlying route indexes. This data is published every Sunday. See www.balticexchange.com/market-information/containers/