Weekly highlights

No surge of ocean volumes out of China have materialized yet, as new COVID cases in Shanghai threaten a renewed lockdown. 

This time last year ex-China ocean rates were already beginning to climb on peak season demand.

Prices were stable this week but have fallen significantly since March, putting Asia – US West Coast rates only 4% higher than last year, and Asia – N. Europe prices down year on year for the first time since mid-2020.

The US congress passed legislation this week aimed at keeping US exports moving, ensuring fair detention, demurrage and other surcharges, and strengthening the Federal Maritime Commission (FMC). 

Ahead of passing the law, President Biden targeted ocean carriers for extreme rate spikes and their contribution to inflation, prompting backlash from the industry.  

Asia-US rates for this week:

  • Asia-US West Coast prices (FBX01 Daily) fell 4% to $9,178/FEU. This rate is just 4% higher than the same time last year.
  • Asia-US East Coast prices (FBX03 Daily) fell 2% to $11,710/FEU, and are 18% higher than rates for this week last year.
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FBX Lane Global Asia – US West Coast Asia – US East Coast Asia – North Europe North Europe – US East Coast
This Week $7,087 $9,178 $11,710 $10,625 $7,969
Last Week -2% -4% -2% -1% -11%
Last Year* 15% 4% 18% -3% 53%
* Compared to the corresponding week in 2021