Trans-Pacific Benchmark Rates Reach A Peak as Latest GRI Takes Affect

After the latest general rate increase (GRI) imposed by members of the Transpacific Stabilization Agreement (TSA) on August 1st, along with peaking east-bound volumes, have pushed the transpacific benchmark rates from Asia to the U.S. to their highest levels so far this year.

The benchmark rate for shipping from Hong Kong to Los Angeles rose over 20 percent this week, increasing $375 to $2,175 per TEU. The spot rate is still well below the suggested rate increase, which aimed to boost rates by $600 per TEU. The August 1st GRI was the largest increase sought in 2014.