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Container lines surged trans-pacific shipping prices to pick up the monthly price slump
Posted on May 1, 2023 |
The prices for shipping goods via ocean from Asia to the U.S. is rising as container lines try to rebound a monthslong drop in rates before import season.
The average spot market price to send a 40-foot container from Asia to the U.S. West Coast grew by 34% to $1,659 over the past 2 weeks.
The rate is below the average price of $9,203 a year ago, but it presents a decline in pricing that started midway through 2022 as supply-chain jams eased and retailers' restocking efforts may have collapsed.
Earlier this month, several ocean carriers set general rate increases of $600 per container on the trans-Pacific trade, since then customers in general are willing to pay higher rates on the sector’s spot market.
The spot market growth caused many companies to postpone signing shipping contracts for later in 2023 amid tension over economic conditions and declining prospects rates.
In 2023, Shipping demand has been gloomy in the freight sector as retailers and manufacturers focus on reducing their excess inventories, and US ports and trucking companies saw declines in cargo volumes.
In early April, shipping rates from Asia to the US West Coast fell to $1,242, below the level required by carriers to cover their costs.
The decline in pricing alarmed ocean carriers whose finances deteriorated this year after record earnings in 2022. Hong Kong’s Orient Overseas Container Line's revenue in its trans-Pacific service fell by 65.6% in the first 3 months of 2023.