Trans-Pacific Ocean Spot Rates

As noted in previous Industry Updates, please be aware that the Trans-Pacific Ocean spot rate market continues to rise, leading to expectations of a general rate increase (GRI) on imports from Asia later this week. Both the anticipated GRI and increase in spot rates, which have now reached their highest level in the past five years, are being attributed to a steady rise in import volumes as businesses try to beat the looming deadline for an additional 25% tariff, scheduled to take effect on January 1, 2019.

The on-going rush to get merchandise into the US prior to the January 1 deadline is expected to extend the 2018 Peak season through the month of December.