Transpacific rates fall to US$1,742/FEU to USWC and $3,099/FEU to USEC

11/5/2013 9:47:36 AM

SHANGHAI Containerised Freight Index spot rates from Asia to the US east and west coasts continued to fall for a seventh week in the week ending November 1. The Shanghai-US west coast spot rate fell 0.4 per cent, or US$7, from the previous week to $1,724 per FEU, according to SCFI data issued by the Shanghai Shipping Exchange. The US east coast rate slid 0.4 per cent to $3,099, having fallen $296 per FEU in the previous seven weeks. The spot rate in the week ending November 1 was a 28.4 per cent year-on-year decline and a 22.4 per cent fall since January. The Transpacific Stabilisation Agreement suggested an increase of $400 per FEU in all Asia-US lanes, set for November 15. Carriers such as OOCL, Hapag Lloyd, and US Lines have already announced hikes.   Asian Shipper News

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