With the continuation of aggressive blank sailing programs and overbooking, particularly on US West Coast bound vessels, upward pressure on rates has continued.
Carriers have implemented increases effective July 1, 2020. On average rates to US West Coast and IPI points serviced via the US West Coast were raised by $400/40’ container. Rates to US East Coast via all water service were increased by $200/40’ container The way the increases were filed varies by carrier with some calling it a General Rate Increase (GRI) and others an increase to the Peak Season Surcharge (PSS). This leaves rates at a 10 years high water mark. Absent the introduction of additional capacity in the trade upward pressure on rates is likely to continue.
Worldwide Logistics will continuously monitor the market situation and keep our client community well informed. Additionally we will endeavor to mitigate increases to the greatest extent possible.