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The past week has seen a calmer period of rates on most main trade routes with the exception of the cross-Pacific trade which continues to be driven by the deadline of 24th July looming for the end of temporary US surcharges, uncertainty on what will happen after this date has been driving freight rates to recent highs, with the high oil price adding further fuel to the fire as bunker prices remain unusually high.

The cross Pacific loop FBX01 (China/East Asia – US West Coast) increased a further $588 from the end of last week and is up $1,534 since the start of June, ending the week at $7,666.

Rates from the Far East to the USEC FBX03 (China/East Asia – US East Coast) plateaued dropping just $48 from the end of last week at $9,102 up $1,205 since the start of June. Rates into the North Continent represented by FBX11 (China/East Asia – North Europe) increased by just $40 week on week, settling the week at $5,837 and up $1,027 from the start of the month.

Rates into the Mediterranean FBX13 (China/East Asia – Mediterranean) lost $352 from last Friday, ending the week at $7,018, up $483 from the start of the month.