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Container rate slumps 21pc in 2012, falls again after February peak

THE Drewry Hong Kong-Los Angeles FEU rate benchmark jumped 21 per cent to US$2,213 through 2012, according to data compiled by Bloomberg.

Container rate slumps 21pc in 2012, falls again after February peak
01 April 2013 - 18:24

Container rate slumps 21pc in 2012, falls again after February peak

THE Drewry Hong Kong-Los Angeles FEU rate benchmark jumped 21 per cent to US$2,213 through 2012, according to data compiled by Bloomberg.

So far in 2013, the rate declined to $2,217 in the last week starting March 19 after climbing to its peak in February, said the report.

Carriers are expected to raise the rates by $400 on containers going from Asia to the US west coast and by $600 to all other destinations from April 1, according to Bloomberg.

The Baltic Dry Index, a benchmark for commodity shipping rates, fell 0.4 per cent to 931 points in London on March 26. It slumped to a 25-year low last year.

Shipping companies including Maersk have started raising rates to offset higher fuel costs and recover from industry-wide losses in 2011 because of a vessel glut.

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