The Drewry report showed non-vessel-operating common carriers (NVOCC) paying US$1,781 per FEU from Hong Kong to Los Angeles for the week ending February 28, rendering the index 3.5 per cent below the previous week's $1,846 level and off 4.4 per cent year on year.
The index, published in Newark's Journal of Commerce, hit a 53-week low and has dropped 14.4 per cent since January 31, before Chinese New Year when mainland factories closed for the expended holiday.
The Drewry transpacific spot index showed no year-on-year declines until January 14. The slippage comes as shippers and carriers enter annual service contract talks over the next two months. Contracts, as opposed to spot rates, account for more than 90 per cent of transpacific cargo.