Container freight, “Pacific soars while South America tanks”.
Lars Jensen (LinkedIn) – Container freight rates on the Transpacific continue to rise. Last week the SCFI spot rate to USWC rose another 227 USD/FFE to 2920 USD/FFE.
The rate has thus increased 115% since the low-point in the beginning of March. It is also up 77% compared to the same time last year.
The USEC rates have not risen as much, although they are now up 36% compared to their 2020 low-point which was in mid-May. It is also up 25% compared to the same time last year.
However, not all trades are seeing increases. Rates from Asia to East Coast South America continued their strong decline with rates dropping 21% compared to last week.
Overall the spot rates here have dropped 72% compared to the start of January 2020 and is also down 69% compared to the same time last year.
The complete free-fall of rates to South America from Asia is despite carriers in some weeks having blanked more than 50% of the capacity.