Although Rates on the Rise, Still Lower from Last Year.

August 31 2015

Shanghai Containerized Freight Index (SCFI) just announced an 26% increase on container rates.

Asia- Mediterranean freight rates were affect to with a 55 percent increase this year. According to Greg Knowler of Journal of Commerce, all maj­or lines are raising their GRI to $1,000 except for Maersk who is looking to raise it to $1,250 per TEU.

According to Richard Ward of FIS, “This points to the fact that the declines on average are actually accelerating, leading to increased volatility and a greater need for carriers to implement ever larger GRIs.”

According to the same article, rates fell across the board.  Check it out:

Asia-U.S West Coast fell 6.6%. This was 30% lower than the rate during the same week last year. Asia-U.S East Coast fell 4%. This was 34% lower than the rate during the same week last year.

But the East Coast has been reporting demand, increasing those digits. For example:

• New York-New Jersey  14%,
• Savannah  10.3%
• Charleston 13.8%

This growth is expected to continue.