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:
|FBX Lane||Global||Asia – US West Coast||Asia – US East Coast||Asia – North Europe||North Europe – US East Coast|
|* Compared to the corresponding week in 2021|