Spot rates from Shanghai to Los Angeles rose 1 per cent to $2,195 per 40-foot container, while those to New York climbed 1 per cent to $3,236. Drewry expects further rate hikes next week, driven by the GRIs implemented yesterday. However, this momentum is expected to be short-lived, with rates likely to decline soon. Carriers may follow up with new GRI attempts on November 1 and November 15 to counteract any drop.
Spot rates on the Asia–Europe route also showed modest increases this week. The rate from Shanghai to Rotterdam rose 6 per cent to $1,669 per 40-foot container, while that from Shanghai to Genoa increased 2 per cent to $1,821.
These increases follow an industry-wide effort by carriers to introduce new Freight All Kinds (FAK) rates, effective October 15, to halt the market’s post-Golden Week rate slump.
Drewry’s Container Forecaster expects the supply-demand balance to weaken in the coming quarters, which could lead to further contractions in spot rates.
ALCHEMPro News Desk (KUL)
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