Asian Container Imports Increase $500 to $700

  • In June, ocean carriers implemented a general rate increase on container freight moving from Asia to North America.
  • The increase adds $500 to $700 per 40-foot container.
  • Inbound vessels are currently moving at full capacity, giving steamship lines the pricing power to raise rates. 
  • Steamship lines anticipate even higher import volumes as the United States opens back up after COVID-19 shutdowns. 
  • Carriers expect large importers, such as Walmart, Target and Home Depot, will increase imports in July and August, creating an early peak season rush to replenish inventory. 
  • Carriers have pulled or blanked a record number of vessels out of the system the first half of the year reducing space to maintain higher spot market rates.
  • Carriers feel justified in increasing rates because of the high demand for space.