Since the beginning of June this year, every transpacific GRI has been implemented, a sign of strong demand (particularly when combined with carriers striking service). This helped get peak season off to an early start, augmented by threats of new trade tariffs that pushed importers to stock up in advance.
That changed this month.
The September 15 GRI was cancelled forcing ocean carriers to contemplate a possible early end to peak season.
Despite the GRI cancellation, the White House’s announcement of another round of China trade tariffs this month may help stave off an early end to peak season. However, while carriers may be reaping the benefits of impending tariffs today, the long-term impact of the tariffs will almost certainly be far more negative, casting uncertainty for carrier profitability in 2019.
– Eytan Buchman , VP Marketing
Following several months of rising prices, transpacific prices have levelled off over the past three weeks.
This week’s report
|Week 38||Week 37||Last year*|
|China – US West Coast||$2,298||0%||57%|
|China – US East Coast||$3,504||0%||59%|
|China – North Europe||$1,685||-14%||4%|
|North Europe – US East Coast||$1,635||0%||18%|
|* Compared to the corresponding week in 2017|
With Golden Week beginning next week, space remains very tight for China-US shipments. Despite that, China-West Coast and China-East Coast prices haven’t moved from the previous week.
Not so, with China-North Europe prices, which dropped 14% on last week with CMA CGM, and Maersk both dropping their FAK rates.
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/