Asia-Europe rates continue slide, Drewry expects brief rise in August
Time：2014-07-22
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Drewry Maritime Research expects rates to weaken through July before rising briefly on the back of the TSA increase. But Drewry said much depended on the outcome of labour talks with the west coast longshoremen.
CMA CGM raised rates $550 per TEU for August 1, joining United Arab Shipping Co, Hamburg Sud, "K" Line and NYK, which have already confirmed price increases to north European ports from the Asian continent.
Asia-Med routes followed a similar pattern with rates falling 5.4 per cent to $1,486 per TEU, according to the SCFI. On routes from Shanghai to the west coast rates fell 2.2 per cent while rates to the US east coast slipped 0.5 per cent.
Member lines of the Transpacific Stabilisation Agreement hope to levy a $600 per FEU increase from August 1 on cargo from Asia to US destinations, noted Lloyd`s List.
Drewry`s Hong Kong-Los Angeles container freight rate benchmark climbed $100 to $1,900 per FEU this week, indicating that only half of the mid-July peak season surcharge was accepted by the market.