Rates Remain Steady Ahead of Mid-November GRI

The benchmark spot rates from Asia to North America have continued to remain relatively the same, showing stability in the trans-Pacific trade lane ahead of the Transpacific Stabilization Agreement’s (TSA) mid-November general rate increase (GRI). The spot rate from Asia to the West Coast is $1,891 per FEU, up 6.2 percent year-over-year, and $4.044 to the East Coast, up 20.7 percent year-over-year. Members of the TSA have also agreed on recommending a GRI for November 15th. The group confirmed it will recommend $600 per FEU for its carriers, the 10th GRI implemented in 2014.

Additionally, the TSA responded to the tanking rates on the backhaul lane from the U.S. to Asia by setting guidelines for minimum rates on the trade lane, announced on Oct. 8. The minimum rates, on all-water shipments of waste paper, hay, metal and plastic scrap, are recommended at $300 per 40-foot container from the U.S. West Coast and $750 per FEU from the East and Gulf Coasts. The minimum rates will take effect Nov. 1. Further increases are expected in December and the first quarter of 2015.