News Article
: Transport

Transpacific Rates Set to Rise Even Higher 2010-06-29

Transpacific carriers are warning shippers and forwarders to expect rates to continue to rise, despite recent price hikes reports “IFW”. In a trade update, the 15 members of the Transpacific Stabilisation Agreement (TSA) group of carriers warned that although prices had increased, they had still not reached 2008 levels. This, combined with losses in 2009, means peak-season surcharges (PSSs) will have to be implemented, and the TSA has recommended a PSS of $400 be levied from 1 August. Figures show that last year sea carriers together lost more than US$15 billion.
 
The TSA trade update contrasts with the latest figures from industry consultant Drewry, which show that spot rates on the trade hit a five-year high two weeks ago. Its Hong Kong-Los Angeles container rate benchmark hit $2,607 per 40ft container two weeks ago – 19% higher than the previous week and 182% higher than the same week in 2009. The TSA also acknowledged the difficulties shippers and forwarders had been faced with on the trade because of equipment and vessel shortages. It said lines had adopted a range of strategies to address these issues, including reinstatement of key service strings and the deployment of “extra loaders” – vessels added on a per-sailing basis to carry loaded containers to the US and return them empty.
 
Source: CIFFA

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