The benchmark rate for shipping from Hong Kong to Los Angeles took another dive this week, falling another $50 to $1,750 per FEU. The spot rate is now $100 below where it stood before the mid-May general rate increase by members of the Transpacific Stabilization Agreement (TSA), which aimed to boost rates by $300 per FEU.
Following the GRI, the Hong Kong-to-Los Angeles rate gained 50 percent, or $150, of the proposed $300. Last week, the spot rate fell 10 percent, giving back all gains from the GRI plus an additional $50.
However, analysts anticipate the rates to hold until the peak season surcharge in the next couple weeks, which will add $400 per FEU.
TSA carriers in the eastbound Pacific will implement the peak-season surcharge of $400 per 40-foot container, effective June 15. Stay tuned for more updates