News / Declining Asian exports another blow to transpac contract hopes

Port of Shanghai © Anekoho Dreamstime.com

China’s May Day holiday, lasting five days from Saturday, will delay liner operators’ planned rate increases, and cargo volumes ex-Asia have dipped below expectations, further hampering contract negotiations with transpacific shippers.

Shipping line hopes were raised on 14 April, when the Shanghai Containerised Freight Index showed Asia-US west coast rates had hit a five-month high of $1,668 per feu, capping four consecutive weeks of increases.

The Asia-US east coast rate had also risen, by nearly 20% from 7 April, to $2,565/feu, however, ...