Mainline operators have given up on hiking transpacific rates this month, as the cargo rush ahead of China’s Golden Week holiday on 1 October has not materialised, reports Loadstar.
ILA
Flatlining rate levels have persisted despite fears of the International Longshoremen Association’s (ILA) strike on the US East Coast have also caused shippers to divert containers to the West Coast.
Analysts at Linerlytica observed that typhoons in east Asia have exacerbated congestion in China, as vessel bunching affected departures from China over the last fortnight.
No surge in export
With no surge in export shipments before the Chinese holidays, shipping lines are cutting rates to fill their vessels during the first two weeks of October.
There remains no progress on the ILA contract negotiation, with the ILA leadership making strong statements over the past week, further increasing the likelihood of a coastwide strike on beginning 1 October.
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Source: Loadstar
