Container rates from Shanghai to US West Coast jump 31% in one week

Shanghai Port, China (Photo: Imgur)

The weekly rate report from the Shanghai Shipping Exchange released on Friday paints a clear picture of the growing frenzy on the trans-Pacific trade route.

Specifically, container rates from China to the US West Coast have jumped 31% in one week, while those to the East Coast have also increased 22%, as shippers rush to take advantage of the 90-day cooling-off period in the tariff war between the world's two largest economies.

The Drewry Container Rate Index, released yesterday, has also surged. Tracked rates from Shanghai to New York rose 19%, or $704, to $4,350 per 40-foot container (FEU), while Shanghai to Los Angeles rose 16%, or $423, to $3,136 per FEU.

“Following the latest US–China trade developments, Drewry expects an increase in Transpacific spot rates in the coming week due to shortage in capacity,” the analytics firm said.

From Wednesday, Chinese exports to the US will be subject to a 30% tariff, down from a high of 145% that had been in place for the previous six weeks. The two countries unexpectedly announced a dramatic tariff reduction on Monday, opening a 90-day “de-escalation” period.

“While we expect carriers to reactivate capacity and deploy bigger ships in the transpacific, we note that repositioning boxes and vessels following the recent steep capacity withdrawals could take time,” HSBC said in a container industry report released yesterday. The report also warned of the risk of port congestion and onshore supply chain disruptions – similar to what happened during the COVID-19 pandemic. HSBC expects the scheduled rate hikes in mid-May and early June to persist, noting that global container line share prices have now exceeded pre-Liberation Day levels, reflecting some optimism about the market outlook.

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Source: Phaata.com (According to Splash247)

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