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Trade News

Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

More Transpacific Rate Rises in January

Friday, December 19, 2014 > 09:30:22
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(Lloyd’s Loading List – Mike King)

Transpacific container lines have confirmed new rate increases on the Asia-US trade lane will be implemented next month.

The 15 lines that make up the Transpacific Stabilization Agreement have seen spot rates spike over the last week after a $1,000-per-40-foot container general rate increase for all origins and destinations was introduced by most TSA lines on 15 December.

Now, effective from 15 January, the TSA has recommended members implement a $600 per-40-foot container general rate increase (GRI) for all origin and destination points and the reinstatement of a $400 per FEU peak-season surcharge (PSS).

TSA executive administrator Brian Conrad said the GRI was part of an effort by TSA lines to reverse “erosion” brought about by short-term rate contractions in the Asia-US freight market.

The PSS, meanwhile, was being introduced to reflect the expected surge in demand before Asian factories shutdown for the Chinese New Year holidays – in 2015 the festive period official starts on 19 February but factories usually close for a number of weeks as workers embark on long journeys to their home provinces.

“It is critical, after another year of only very slight net gains at best, that carriers shore up rate levels and hold the line on rising costs as we head into a new contracting season and ramp up to meet Lunar New Year seasonal demand,” he added.


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