The past week has witnessed substantial fluctuations in trans-Pacific container rates, indicating a significant shift in the shipping landscape as the peak season approaches.
According to the latest data from SONAR and Freightos, container rates from Asia to the U.S. West Coast experienced a surge. This surge can be attributed to shippers proactively pushing the peak season ahead to frontload goods in anticipation of potential tariff pauses in July and August. Additionally, ocean lines have implemented general rate increases (GRIs) as of June 1.
Specifically, the SONAR Container Atlas spot rate for loaded boxes departing Yantian, China, for Los Angeles reached $6,645 per forty foot equivalent unit (FEU) on June 10, up from $6,100 on June 6. Similarly, the rate from Ningbo, China, increased to $6,439 from $5,797.
The Freightos Baltic Index for the week ending June 6, which includes GRIs, saw rates double to $5,488 per FEU. Daily rates surpassed $6,000. Notably, prices to the U.S. East Coast experienced a substantial 60% increase, reaching $6,410 per FEU. Currently, rates exceed $7,000 per FEU, reflecting the situation in the previous year.
In the previous year, capacity constraints, primarily driven by Red Sea dynamics and an early peak season, were compounded by the strike threat posed by the International Longshoremen’s Association. These factors contributed to the significant price hikes observed.
