Shipping Logistics

FEU rates above record

August 21, 2020

JOC's Bill Mongelluzzo, Senior Editor reports carries are imposing another general rate increase ( GRI) that could ripple through the US West Coast to record levels. Eastbound trans-Pacific shipping lines are warning Fowarders to prepare for a Sept. 1 GRI of $4000 per FEU. Which is unbelievable high compared to just a few months ago when imports signed services that ranged from $1,300-$1,600 per FEU.

The Scramble

Canceled Sailings have stopped and carriers have been adding unscheduled vessel departures from Asia, known as extra-loaders. In July, Port of Long Beach has gotten 11 extra loaders and 8 more coming in August. Retailers scramble to import PPE , office supplies, exercise equipment along with other e-commerce fulfillment. All this comes with a sense of urgency in the event the 20-25% tariff is reactivated.

This is an abstract of JOC's article "New GRI set to push Asia-US West Coast FEU rates above record high" posted Aug. 21, 2020.

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I hope everyone had a wonderful summer. While the dark clouds may be forming around the 4th quarter and international trade in general, remember that we, as an industry, are resilient and innovative. There is always a way... Funny enough, I had planned on sending this last month, but with the consistent changes from August through even today, it seemed like an exercise in futility, which is not my favorite exercise.