Freightos said as of Monday, China-U.S. West Coast prices were $1,678 per FEU, up 21% in one week while China-U.S. East Coast prices were up $2,827 per FEU, up 7% in the last week.
“Besides, with importers getting caught out the last time a tariff came off deferral, some front-loading may continue. If carriers are lucky, this increased demand might continue up until peak season,” Buchman said.
Freightos said with prices already seasonally high and fewer blank sailings, prices for shipments from China to the East Coast rose less than they did from China to the West Coast.
“Shipping costs through the Panama Canal were set to rise because of draft restrictions in the canal,” said Freightos, but it noted that “recent rain postponed further draft reduction until July 16 at the earliest.”
The Shanghai Shipping Exchange, which tracks outbound rates from Shanghai to different regions of the world in its Shanghai Containerized Freight Index (SCFI), estimated the spot rate for moving a 40-foot container from Shanghai to the U.S. West Coast at $1,649 on Friday, down $71 from June 28. To the U.S. East Coast, the rate from Shanghai was $2,764 per FEU on Friday, down $24 from the prior week.
Globally, the SCFI, which is an index weighted by volume that is based on spot rate estimates for cargo moving to 13 regions globally, was 810.91 on July, down 18.8 points or 2.3% from 829.70 the week before.
The Drewry WCI, based on eight major routes including backhauls (from the U.S. or Europe to Asia, for example), was $1,372 per FEU, up 1.4%.
On June 21, APL announced peak season surcharges of $850 for 20-foot containers and $1,000 for 40-foot containers originating in Asia (except Japan), Australia, New Zealand, East Africa, Middle East, and West Asia destined for the U.S. (except Guam, Hawaii, Mariana Islands, Puerto Rico and Virgin Islands) and Canada.