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EASTBOUND transpacific container trades experienced major hikes April 17, bringing rates to five-month highs after general rate increases were implemented, reported London's S&P Global.
This was largely expected by the market in the weeks leading up to April 15, when increases were set to come into force. While carrier nominations called for increases ranging between US$600/FEU and $3,000/FEU, with the bulk of mainline carriers at the $1,000/FEU level, few if any expected full-measure increases to come into effect.
S&P Global Commodity Insights has seen increases averaging between $400/FEU and $600/FEU for most carriers and NVOCC spot offers on a port-to-port basis.
Platts Container Rate 13, North Asia to West Coast North America, jumped 32 per cent April 17, to be assessed at $1,650/FEU, S&P Global data showed.
This is the highest value seen on this lane since October 31. Still, the rate is off nearly 80 per cent year on year after rate declines gathered pace in the second half of 2022.
At the same time, Platts assessed PCR 5, North Asia to East Coast North America, 27 per cent higher on the day April 17 at $2,500/FEU, S&P Global data showed, the highest since February 16.
Rates into the USEC remained elevated long after those to the US West Coast began to drop in mid-2022, due to lingering congestion in and around Atlantic Coast ports.
Despite the successful GRI implementation, bearish expectations abound as many market participants see the increases as largely short-term maneuvres, and not indicative of market fundamentals tightening sufficiently to support rates through the second and third quarters.
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