Some ocean carriers have applied a mid-month (October 15) GRI for China-US West Coast in the $200-$400 range. That should translate into about a $200 price increase next week.
After several large carriers cut FAK rates on the China-North Europe, prices fell heavily for four weeks, finally levelling off this week. At $1,486, they are 2/3rds of where they were five weeks ago.
This dramatic drop in China-North Europe (coupled with a corresponding 12% drop in China-Mediterranean prices) has dragged global container index prices down 8% over the past five weeks.
This week’s report
|Week 41||Week 40||Last year*|
|China – US West Coast||$2,325||1%||64%|
|China – US East Coast||$3,451||-1%||75%|
|China – North Europe||$1,486||0%||6%|
|North Europe – US East Coast||$1,826||21%||46%|
|* Compared to the corresponding week in 2017|
Transpacific prices have barely moved in recent weeks because of the Golden Week holiday.
That will change next week when mid-month GRIs in the $200-$400 range applied by some carriers kick in. That should translate into about a $200 price increase next week.
Carriers operating on the China-North Europe lane had cut services in October to bring supply back closer to demand. Subsequently, this effort was undermined by several carriers cutting their FAK rates. Prices dropped by a $715 over four weeks – from $2,201 on September 9 to $1,486 last week. They have now levelled off, coming in at $1,486 again this week – 2/3rd of the price five weeks ago.
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/