Freightos bullish on big transpacific rate increases next week

Freightos bullish on big transpacific rate increases next week

Freightos, the online international freight marketplace, is predicting a “big” transpacific rate rise next week.

China-US West Coast prices currently stand at a stable at $1,387 per feu. With early June’s rate increase still in effect, carriers blanking sailings for next month and demand boosted by advance shipping, a $300-$400 July 1 price increase looks likely, Freightos predicted in a weekly report.

China-US East Coast prices, meanwhile, stand today at $2,636 per feu with Freightos also anticipating a “significant” price increase on July 1.

“All signs are pointing to a big transpacific GRI coming up next week. Blank sailings and advance orders due to trade tariff threats both support an increase. Early July is when peak season surcharges are typically introduced. Transpacific prices increased 40% at this time last year; a similar increase would see 40’ containers just south of $2,000. We’re still a week out, but carriers are already notifying forwarders of price increases in the $300-$400 range or higher,” commented Eytan Buchman from Freightos.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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