Transpacific spot rates slipped slightly this week ahead of the November 15th general rate increase (GRI), losing all the gains from the GRI imposed by Transpacific Stabilization Agreement (TSA) carrier members in October. Hong Kong to Los Angeles benchmark spot rate dropped 2.7 percent this week to $1,875 per 40-foot container (FEU). While that rate is higher year-over-year, this week’s $50-per-FEU loss eliminated what remained of the $600-per-FEU GRI imposed last month. TSA members plan another $600 per-FEU GRI for November 15th to lift prices on the lane.
Ocean spot rates are dropping across all major lanes. This week’s reading of the Shanghai Containerized Freight Index (SCFI) from Asia to northern Europe, which doubled on November 1st with carrier GRIs, dropped 10 percent to $1,175 per 20-foot container (TEU). SCFI’s spot rate from Asia to the Mediterranean, which rose on November 1st rate increases, sank 7.8 percent last week to $1,305 per TEU. Spot rates from Asia to the U.S. East Coast on the SCFI dropped below the $4,000 per FEU mark for the first time since August 1st, sinking to $3,941 per FEU.