AJOT Newsroom
| September 28, 2022
| Maritime | Liner Shipping | Ports & Terminals
Key insights:
1. Ocean spot rates ex-Asia continued to fall this week, with US West Coast rates falling 45% so far this month to below $3,000/FEU for the first time since August of 2020.
2. Rates from Asia to the East Coast and to North Europe both fell about 25% this month but remain more than 150% and 400% higher than in 2019, respectively. The slower rate slides are likely due to still-severe port congestion on these lanes.
3. East Coast congestion is driven by a shift of volumes from the West Coast, partly to avoid labor disruptions possible since July. This week, ILWU members temporarily slowed operations in Seattle and Oakland, marking the dispute’s first industrial actions.
Asia-US rates:
• Asia-US West Coast prices (FBX01 Daily) fell 8% to $2,978/FEU. This rate is 82% lower than the same time last year.
• Asia-US East Coast prices (FBX03 Daily) decreased 5% to $6,952/FEU, and are 63% lower than rates for this week last year.
