77%. That’s how much China-US West Coast ocean freight rates have risen since 1 July. If this week’s $200 GRI sticks, it will represent 93% growth in just one and a half months.
Pricing on the other big lanes is also rising. The four key trade lanes (China-US West Coast, China-East Coast, China-Europe and Europe-US), as well as the FBX global index, are all currently at their highest rates in over a year.
The last time transpacific rates were this high was Chinese New Year 2017.
On the heels of lower anticipated carrier profits, things may be turning around. It appears China-West Coast GRIs of $100-200 will take place, only two weeks after a more significant $400-500 GRI on August 1, making it the fourth GRI to stick since July 1. Together with emergency bunker and peak season surcharges, it’s no wonder China-West Coast prices shot up 77%. – Zvi Schreiber, Freightos CEO
This week’s report
The other big lanes have also done well since July 1 (China-East Coast up 40%, China-Europe up 15%, Europe-US up 11%), with the global container index up 24%. Rates are set to rise again with the mid-month GRI. But against this backdrop, this week’s results compared week on week look a lot more modest.
|Week 32||Week 31||Last year*|
|China – US West Coast||$2,064||9%||32%|
|China – US East Coast||$3,090||1%||23%|
|China – North Europe||$1,849||5%||6%|
|North Europe – US East Coast||$1,645||14%||21%|
|* Compared to the corresponding week in 2017|
Year on year, transpacific rates are well up on last year. In fact, the last time China-West Coast rates were higher than this was 29 January 2017 ($2,095/FEU). For China-East Coast it was four weeks later, $3,118 on 26 February.
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/