Contract talks near as transpacific spot rates fall after brief rally
TRANSPACIFIC spot rates fell after brief rally this week as Drewry's Hong Kong-Los Angeles container freight rate benchmark slipped five per cent over seven days and is down 13.4 per cent year on year.
Spot rates for a loaded FEU from Hong Kong to Los Angeles stood at US$1,886 against $1,986 a week ago and $2,177 year on year.
This comes before service contracts covering the transpacific are renegotiated, While only five per cent of the trade is governed by spot rates, the rate level contributes to the talks.