The freight rates on the US West Coast route experienced a noticeable increase in June

In June, there was a noticeable increase in freight rates along the US West Coast route. The initially low-priced shipping space was quickly sold out, leaving customers who were still waiting to gradually accept the sharply rising prices. Currently, many shipping companies are making increased efforts to invest in the US route by deploying additional ships and opening new routes. However, the situation of limited availability of shipping space continues.

While the number of overtime ships on the US West Coast has increased, there is still a shortage in the market.

The main reasons for the price increase are as follows:

1. There have been serious warehouse explosions and a high number of abandoned containers during the initial leg of the journey.

2. Leading shipping companies such as Maersk, CMA CGM, and Hapag-Lloyd have successively announced peak season surcharges and price increases. For instance, CMA CGM will be implementing a peak season surcharge (PSS) on all types of containers from Asia to the United States, with a maximum charge of $3,840, effective from July 1, 2024, until further notice.

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July Forecast :

Freight rates are expected to continue rising in July due to the severe warehouse explosions and scarcity of available shipping containers. Prices are projected to increase by $1,000 per HC, and it is only a matter of time before they surpass $8,500 per 40HC container.