Port strike threat gone, trans-Pacific container rates level out

The threat of a longshore strike at East and Gulf Coast ports is gone, and trans-Pacific ocean container rates to the United States have leveled out, for now.

“Frontloading ahead of the possible January strike had helped keep North America container rates elevated into November but were no longer a driver of rates as the strike deadline got closer,” wrote Judah Levine, head of research for analyst Freightos, in a weekly update.

For the week ending Jan. 10, the Freightos Baltic Index found Asia-U.S. West Coast rates stayed level at $5,924 per forty-foot equivalent unit. Asia-U.S. East Coast prices fell 1% to $6,898 per FEU.

“Though trans-Pacific prices to both coasts were level last week, rates had climbed sharply t…

CONTINUE READING THE ARTICLE FROM FreightWaves HERE