Transpacific Rates Are Rising on Withheld Capacity, Not Import Demand

Drewry's Shanghai–New York rate jumped 10% this week to $8,706 per FEU while Asia–Europe fell as much as 8%, even as U.S. imports run below last year. Blank sailings, a typhoon backlog of more than 2.4 million TEU of idled vessel capacity and Panama Canal draft cuts are setting the price.