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China-US west coast rates 6pc down, worse to come with tariffs

RATES from China to the US west coast continued to drop after a mid-month rates hikes were announced, reports the American Journal of Transportation, quoting a Freightos analysis

China-US west coast rates 6pc down, worse to come with tariffs

RATES from China to the US west coast continued to drop after a mid-month rates hikes were announced, reports the American Journal of Transportation, quoting a Freightos analysis

23 May 2019 - 19:00

RATES from China to the US west coast continued to drop after a mid-month rates hikes were announced, reports the American Journal of Transportation, quoting a Freightos analysis.

Rates were down six per cent last week from $1,555 to $1,445 per FEU. Air cargo searches on WebCargo increased by 35 per cent, said Freightos chief marketing officer Eytan Buchman.



China-US east coast rates were flat at $2,920/FEU. Due to an ongoing drought that's reduced Panama Canal capacity, prices on this lane are still 27 per cent higher than last year.



China-Europe prices are at $2,920/FEU unchanged from the previous week. Demand will likely increase before Europe goes on vacation in August, but that should be more than satisfied by new mega ships and the recently added Ocean Alliance loop, said the report.



Supply will continue to be pulled back as more vessels are fitted with scrubbers to conform with IMO's low-sulphur fuel regulations, it said.


WORLD SHIPPING

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