Freight rates on the North China to US West Coast trade have surged to their highest level ever, despite the restoration of blank sailings by carriers and even the introduction of new capacity. Rates are now 120% up on their value a year ago.
While carriers imposed several void sailings in the immediate aftermath of the COVID-19 outbreak, most have now been reinstated. This includes the resumption of the 2M-SM Line Asia - USWC ¡®TP-8 / Orient / PS1 joint service on 8 June.
THE Alliance has also reinstated nearly all its blanked sailings.
eanwhile, five new services have been launched or resumed since May.
The 2M-SM Line Asia-USWC ¡®TP-8 / Orient / PS1 joint service has resumed while the new services include the Shenzhen-Los Angeles ¡®ZIM eCommerce Xpress¡¯ (ZEX), the 2M Alliance¡¯s new Yantian - Ningbo - California service, the Wan Hai ¡®CP1¡¯ service and Matson¡¯s ¡®CLX+.
These five services add around 35,000 teu of weekly capacity to the trade. Several punctual extra sailers have also been organized in June and July. The combination of higher rates and neutral or expanded capacity indicates strong consumer demand, with Chinese exporters wanting to ship as much product as possible before a potential second COVID-19