U.S. rates dropped, but transpacific carriers plan significant rate increases in June and July.
Container carriers announced plans for hefty rate increases and a peak season surcharge earlier this week and Friday’s news from the Shanghai Shipping Exchange (SSE) shows the slide in spot rates they are trying to reverse.
The SSE estimated spot container rates from Shanghai to the U.S. West Coast were down $136 to $1,647 per FEU, and down $295 to $3,310 per FEU from Shanghai to the U.S. East Coast.
China also recently reported its trade activity fell in April when compared to last year. In dollar terms, exports were off 6.4 percent and imports were down 16.2 percent, according to a BBC report.
The SSE estimated spot rates to North Europe were up sharply, increasing $518 to $861 per TEU, while rates to Mediterranean ports were up $319 to $1,003 per TEU.